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A chemical factory manufactures three kinds of chemicals namely Eucalyptus oil, Hexachlorobenzen and Toxaphene. In the last week of December 2022, the records were: Labor Grade I II III IV No of Employees 12 36 8 2 Components Eucalyptus oil Hexachlorobenzen Toxaphene Rate per hour (Rs.) 40 32 28 16 Output and standard times during the same week were as follows: Output (In Units) 888 1800 960 Hours Worked by each employee 40 42 40 44 Standard Minutes for each unit 30 54 66 Normal working hours per week are 38. Overtime is paid at the premium of 50 % of the normal hour rate. Group Incentive Scheme: A group incentive scheme is in operation. The time saved is expressed as a percentage of hours worked and is shared between the group as a proportion of the hours worked by each grade. The incentive rate is 75% of the normal hour rate. Required: Prepare the payroll for the last week of December 2022 showing the basic pay, overtime and incentive amount as separate totals for each grade of labor.

A chemical factory manufactures three kinds of chemicals namely Eucalyptus oil, Hexachlorobenzen and Toxaphene. In the last week of December 2022, the records were: Labor Grade I II III IV No of Employees 12 36 8 2 Components Eucalyptus oil Hexachlorobenzen Toxaphene Rate per hour (Rs.) 40 32 28 16 Output and standard times during the same week were as follows: Output (In Units) 888 1800 960 Hours Worked by each employee 40 42 40 44 Standard Minutes for each unit 30 54 66 Normal working hours per week are 38. Overtime is paid at the premium of 50 % of the normal hour rate. Group Incentive Scheme: A group incentive scheme is in operation. The time saved is expressed as a percentage of hours worked and is shared between the group as a proportion of the hours worked by each grade. The incentive rate is 75% of the normal hour rate. Required: Prepare the payroll for the last week of December 2022 showing the basic pay, overtime and incentive amount as separate totals for each grade of labor.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A chemical factory manufactures three kinds of chemicals namely Eucalyptus oil, Hexachlorobenzen and Toxaphene. In the last week of December 2022, the records were: Labor Grade I II III IV No of Employees 12 36 8 2 Components Output and standard times during the same week were as follows: Output (In Units) Eucalyptus oil Hexachlorobenzen Toxaphene Rate per hour (Rs.) 40 32 28 16 888 1800 960 Hours Worked by each employee 40 42 40 44 Standard Minutes for each unit 30 54 66 Normal working hours per week are 38. Overtime is paid at the premium of 50 % of the normal hour rate. Group Incentive Scheme: A group incentive scheme is in operation. The time saved is expressed as a percentage of hours worked and is shared between the group as a proportion of the hours worked by each grade. The incentive rate is 75% of the normal hour rate. Required: Prepare the payroll for the last week of December 2022 showing the basic pay, overtime and incentive amount as separate totals for each grade of labor. *************
Transcribed Image Text:A chemical factory manufactures three kinds of chemicals namely Eucalyptus oil, Hexachlorobenzen and Toxaphene. In the last week of December 2022, the records were: Labor Grade I II III IV No of Employees 12 36 8 2 Components Output and standard times during the same week were as follows: Output (In Units) Eucalyptus oil Hexachlorobenzen Toxaphene Rate per hour (Rs.) 40 32 28 16 888 1800 960 Hours Worked by each employee 40 42 40 44 Standard Minutes for each unit 30 54 66 Normal working hours per week are 38. Overtime is paid at the premium of 50 % of the normal hour rate. Group Incentive Scheme: A group incentive scheme is in operation. The time saved is expressed as a percentage of hours worked and is shared between the group as a proportion of the hours worked by each grade. The incentive rate is 75% of the normal hour rate. Required: Prepare the payroll for the last week of December 2022 showing the basic pay, overtime and incentive amount as separate totals for each grade of labor. *************
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