Note: In this chapter and in all succeeding work throughout the course, unless i
ID: 3194806 • Letter: N
Question
Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates as follows:
Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.
Example 2-4
Joanne French works a 40-hour week at $12.40 an hour with overtime hours paid at 1½ times the regular rate.
The hours worked and the hourly wage rates for five employees of Koogel Company for the week ended June 10 follow.
If required, round your answers to the nearest cent.
a. For each employee, compute the gross earnings.
b. Compute the total gross earnings for all employees.
1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the over-time rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827Weekly rate ($1,827 × 12)/52 = $421.615 rounded to $421.62
Hourly rate $421.62/40 = $10.540 rounded to $10.54
O.T. rate $10.54 × 1.5 = $15.81
Explanation / Answer
Employee
Hours Worked
Regular Hourly Wage Rate
Gross Earnings
Duffy, M.
35
$11.90
$11.90 × 35 = $ 416.50
Hazelton, G.
28
14.15
$14.15 × 28= $ 396.20
Inman, T.
39½
10.90
$ 10.90 × 39½ = $ 425.10 + 5.45
= $ 430.55
Palmer, C.
24½
16.40
$16.40 × 24.50 = $ 401.80
Diaz, O.
31
12.90
$ 12.90 × 31= $ 399.90
Total gross earnings
$ (416.5 + 396.20 + 430.55 + 401.80+399.90) = $ 2044.95
Missing part 1) the overtime rate is not given in the question
2) Even overtime is not given
As, example is shown with both and calculation (regular and overtime ) is done on the basis of it.But if it is not given it makes the problem very simple as
Gross Earning = Hours worked × regular hourly rate.
And then using the decimal multiplication constraints as was given in the question
Employee
Hours Worked
Regular Hourly Wage Rate
Gross Earnings
Duffy, M.
35
$11.90
$11.90 × 35 = $ 416.50
Hazelton, G.
28
14.15
$14.15 × 28= $ 396.20
Inman, T.
39½
10.90
$ 10.90 × 39½ = $ 425.10 + 5.45
= $ 430.55
Palmer, C.
24½
16.40
$16.40 × 24.50 = $ 401.80
Diaz, O.
31
12.90
$ 12.90 × 31= $ 399.90
Total gross earnings
$ (416.5 + 396.20 + 430.55 + 401.80+399.90) = $ 2044.95
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