18. An employee working under a bonus scheme saved 4 hours in a job for which the standard time is 32 hours. Calculate the rate per hour worked and wages payable for the time taken under the following aternative schemes. (Award rate $. 2 per hour). (i) Employee receives an increase in the hourly rate based on the percentage that the time saved bears to the time set. (ii) A bonus of 10 per cent on award rate is payable when standard time (namely. 100 per cent efficiency) is achieved plus a further bonus of 1 per cent on award rate for each 1 per cent in excess of that 100 per cent efficiency.
18. An employee working under a bonus scheme saved 4 hours in a job for which the standard time is 32 hours. Calculate the rate per hour worked and wages payable for the time taken under the following aternative schemes. (Award rate $. 2 per hour). (i) Employee receives an increase in the hourly rate based on the percentage that the time saved bears to the time set. (ii) A bonus of 10 per cent on award rate is payable when standard time (namely. 100 per cent efficiency) is achieved plus a further bonus of 1 per cent on award rate for each 1 per cent in excess of that 100 per cent efficiency.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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18. An employee working under a bonus scheme saved 4 hours in a job for which the standard time is 32 hours. Calculate the rate per hour worked and wages payable for the time taken under the following aternative schemes. (Award rate $. 2 per hour).
(i) Employee receives an increase in the hourly rate based on the percentage that the time saved bears to the time set.
(ii) A bonus of 10 per cent on award rate is payable when standard time (namely. 100 per cent
efficiency) is achieved plus a further bonus of 1 per cent on award rate for each 1 per cent in excess of that 100 per cent efficiency.
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