Bailey is a Namibian fisherman who works in a newly established organisation called Shimano Manufacturers. This organisation was founded by Mr Sage in late 2012. It specialises in the catching and processing of fresh salmon to manufacture fish cakes for the retail industry across the country. Bailey earns a basic wage rate of N$60 per hour. Shimano manufacturers operate eight hours a day, five days a week, fifty-two weeks per annum. Employees also work one Saturday every month for five hours which is considered a normal overtime remunerated at 1.5 times the normal rate. The organisation's policy is to award employees a birthday bonus of N$10 000. Employees are entitled to twelve days annual leave and there are seventeen public holidays a year. Both the employer and employee contribute to the pension fund on a 60:40 basis, and on equal basis for the medical aid fund. Monthly pension fund contribution made by Bailey is N$1 400. Total weekly medical aid contribution is N$700. The organisation's annual Unemployment Insurance Fund (UIF) contribution is NS4 750. Idle time is calculated at a rate of 7% of available hours. Determine the total annual labour cost for Shimano Manufacturers.
Bailey is a Namibian fisherman who works in a newly established organisation called Shimano Manufacturers. This organisation was founded by Mr Sage in late 2012. It specialises in the catching and processing of fresh salmon to manufacture fish cakes for the retail industry across the country. Bailey earns a basic wage rate of N$60 per hour. Shimano manufacturers operate eight hours a day, five days a week, fifty-two weeks per annum. Employees also work one Saturday every month for five hours which is considered a normal overtime remunerated at 1.5 times the normal rate. The organisation's policy is to award employees a birthday bonus of N$10 000. Employees are entitled to twelve days annual leave and there are seventeen public holidays a year. Both the employer and employee contribute to the pension fund on a 60:40 basis, and on equal basis for the medical aid fund. Monthly pension fund contribution made by Bailey is N$1 400. Total weekly medical aid contribution is N$700. The organisation's annual Unemployment Insurance Fund (UIF) contribution is NS4 750. Idle time is calculated at a rate of 7% of available hours. Determine the total annual labour cost for Shimano Manufacturers.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![SUPPLEMENTARY ASSESSMENT X
h- Bing
E-learning Portal | Namibia Unive X
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DANIE
Bailey is a Namibian fisherman who works in a newly established organisation called Shimano
Manufacturers. This organisation was founded by Mr Sage in late 2012. It specialises in the catching
and processing of fresh salmon to manufacture fish cakes for the retail industry across the country.
Bailey earns a basic wage rate of N$60 per hour. Shimano manufacturers operate eight hours a day,
five days a week, fifty-two weeks per annum. Employees also work one Saturday every month for five
hours which is considered a normal overtime remunerated at 1.5 times the normal rate. The
organisation's policy is to award employees a birthday bonus of N$10 000. Employees are entitled to
twelve days annual leave and there are seventeen public holidays a year. Both the employer and
employee contribute to the pension fund on a 60:40 basis, and on equal basis for the medical aid
fund. Monthly pension fund contribution made by Bailey is NS1 400. Total weekly medical aid
contribution is NS700. The organisation's annual Unemployment Insurance Fund (UIF) contribution is
NS4 750. Idle time is calculated at a rate of 7% of available hours.
Determine the total annual labour cost for Shimano Manufacturers.
Answer
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Transcribed Image Text:SUPPLEMENTARY ASSESSMENT X
h- Bing
E-learning Portal | Namibia Unive X
Ôhttps://elearning.nust.na/elearn/mod/quiz/attempt.php?attempt3D1039817&cmid%3D261006&page%3D18
DANIE
Bailey is a Namibian fisherman who works in a newly established organisation called Shimano
Manufacturers. This organisation was founded by Mr Sage in late 2012. It specialises in the catching
and processing of fresh salmon to manufacture fish cakes for the retail industry across the country.
Bailey earns a basic wage rate of N$60 per hour. Shimano manufacturers operate eight hours a day,
five days a week, fifty-two weeks per annum. Employees also work one Saturday every month for five
hours which is considered a normal overtime remunerated at 1.5 times the normal rate. The
organisation's policy is to award employees a birthday bonus of N$10 000. Employees are entitled to
twelve days annual leave and there are seventeen public holidays a year. Both the employer and
employee contribute to the pension fund on a 60:40 basis, and on equal basis for the medical aid
fund. Monthly pension fund contribution made by Bailey is NS1 400. Total weekly medical aid
contribution is NS700. The organisation's annual Unemployment Insurance Fund (UIF) contribution is
NS4 750. Idle time is calculated at a rate of 7% of available hours.
Determine the total annual labour cost for Shimano Manufacturers.
Answer
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