Labor Information Regular Rate $16.00/hr Overtime Rate $23.50/hr Targeted Labor Cost $12,000/wk Labor Hours Needed 750/wk Any hour worked over 40 hrs/wk must be paid overtime rate For a 13-person team, how many extra workers should be hired to meet the labor hours needed without overtime?
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- 58 For a 13-person team, on average, how many overtime hours will each person need to work? 18 230 Labor Information 924 5405 Regular Rate $16.00/hr Overtime Rate $23.50/hr Targeted Labor Cost $12,000/wk Labor Hours Needed 750/wk Any hour worked over 40 hrs/wk must be paid overtime rateAssuming an average work week to be 40 hours, complete the following table to determine the final gross pay (assume overtime is paid at the rate of time and a half): Total Regular Regular Hours Overtime Regular Рay Overtime Hours OT Rate Gross Pay Rate Hours рay 46 $13.40 $20.10 40 $536.00 $120.60 $656.60 Sample worked 13.40x 1.5%= $reg pay x 1.5 13.40 x 40 $656.60 40 6. $536.00 616.40 20.1x6 $120.60 out $20.10 (if no OT pd) 54 $21.00 47.25 $14.25 Other Pay ConsiderationsEvent Forms expects $120,000 in overhead during the next year. It doesn't know whether it should apply overhead on the basis of its anticipated direct labor hours of 6,000 or its expected machine hours of 5,000. What would be the product cost under each predetermined allocation rate if the last job incurred $3,500 in direct material cost, 55 direct labor hours, and 55 machine hours? Wages are paid at $17 per hour.
- 4.8 (Labour cost) The following information gives details of the gross pay calculated for a produc worker. Basic Pay Basic pay for normal hours worked: 40 hours at $10 per hour arstime Overtime: 5 hours at double the rate GroupBon Group bonus payment: $40 Gross wages for the week: $ 540 345 Although paid for 40 hours in normal time, the worker was, in fact, unable to wo hours because of machine breakdowns. Required Analyse the total labour cost of $ 540 into direct and indirect costs. 4.9 (Accounting for overtime)Using job order costing in a service company Roth Accounting pays Jack Smith $90,000 per year.</p><p> Requirements What is the hourly cost to Roth Accounting for employing Smith? Assume a 30-hour week and a 50-week year. What direct labor cost would be assigned to Client 507 if Smith works 15 hours to prepare Client 507’s financial statements?If a company recovers its overheads on the basis of direct labour hours, how much will the labour hours rate be if the cost centre overhead is £100,000 and 550 hours are worked? A £121.21 B £141.41 C £161.61 D £181.81
- Hours Worked Hourly pay rate Gross pay (must show your work) 40 $15Standard time ( 12 ) hour Actual time ( 12 ) hour Rate per hour ( 7500 )D Assuming ( 20 )worker R. : Calculate the total wages17. This is Cost Accounting. Explain briefly and answer. The following direct labor information pertains to the manufacture of Part J35:Number of hours required to make a part 2.5 DLHNumber of Direct workers 75Number of total productive hours per week 3000Weekly wages per worker P1,000 Laborers’ fringe benefits treated as direct labor costs 25% of wagesWhat is the standard direct labor cost per unit of Part J35? 62,500 78,125 41,670 84,125 74,350
- 17. This is Cost Accounting. Explain briefly and answer. The following direct labor information pertains to the manufacture of Part J35:Number of hours required to make a part 2.5 DLHNumber of Direct workers 75Number of total productive hours per week 3000Weekly wages per worker P1,000 Laborers’ fringe benefits treated as direct labor costs 25% of wagesWhat is the standard direct labor cost per unit of Part J35? Group of answer choices 62,500 78,125 41,670 84,125 74,350Data relating to labor costs is given below. Manufacturing labor is paid 30 TL per hour and supporting labor is paid 20 TL per hour. For overwork, 50% additional payment is made. Manufacturing Labor 3.000 hours Normal working. 200 hoursIn week overworking Weekend holiday 200 hours Supporting Labor Normal working 600 hours Weekend holiday 100 hours Employer’s Social Security Premium and Unemployment Premium rates are 20% and 2% respectively. Employees’ Social Security Premium and Unemployment Premium rates are 14% and 1% respectively. Income Tax rate is 20% (Stamp Duty is neglected). Company classifies manufacturing labor hours’ cost and employer’s contribution relating to this cost as direct labor cost. Other labor costs are classified as indirect labor cost.Required: a) Gross wage b) Total labor costs c) Direct Labor Costs d) Indirect Labor Costs e) Net wage (Due to Personnel) f) Social Securities and Unemployment Premiums Payable (Employer + Employee)WUIKS UH three jobs during the upcoming year. Direct labor-hours recorded by job are: job 237, 7,000 hours; job 250. 30,000 hours; and job 239, 21.000 hours. How much overhead cost will the company apply to Work in Process for the year? If actual costs are P420,000 for the year, will overhead be underapplied or overapplied? by how much? Exercise 4 (Departmental Overhead Rates) Bobcat Company has two departments, milling and assembly. The company uses a job-order cost system and computes a predetermined overhead rate in each department. The milling department bases its rate on machine-hours, and the assembly department bases its rate on direct labor cost. At the beginning of the year, the company made the following estimates: Department Milling 8,000 60,000 P510,000 72,000 Assembly Direct labor-hours 75,000 3,000 P800,000 640,000 Machine-hours Manufacturing overhead cost Direct labor cost Required: 1. Compute the predetermined overhead rate to be used in each department. 2. Assume that…