Case 1: Individual Plan Sammy's Service Center currently employs six technicians. The entire shop is organized to pay the technicians purely based on the flat-rate hours that they produce. During the past week all six technicians worked 40 hours each and produced the following number of flat-rate hours at their individual pay rates: John - 46 hrs. @ $18; Luke - 35 hrs. @ $18; Matt - 38 hrs. @ $12 Bill -51 hrs. @ $24; Susan - 59 hrs. @ $20; Steve - 54 hrs. @ $22 You Decide: a) What did each of the six technicians earn last week? John Luke Matt Bill Susan Steve b) How many flat-rate hours did the entire shop produce last week? c) If Sammy's Service Center charges $80 per flat-rate hour for all of their work, what were their gross labor sales for last week? d) What was Sammy's Service Center's gross profit for last week? e) What was their gross profit percentage for last week? (Use 2 decimal places. Ex: 47.56)

Case 1: Individual Plan Sammy's Service Center currently employs six technicians. The entire shop is organized to pay the technicians purely based on the flat-rate hours that they produce. During the past week all six technicians worked 40 hours each and produced the following number of flat-rate hours at their individual pay rates: John - 46 hrs. @ $18; Luke - 35 hrs. @ $18; Matt - 38 hrs. @ $12 Bill -51 hrs. @ $24; Susan - 59 hrs. @ $20; Steve - 54 hrs. @ $22 You Decide: a) What did each of the six technicians earn last week? John Luke Matt Bill Susan Steve b) How many flat-rate hours did the entire shop produce last week? c) If Sammy's Service Center charges $80 per flat-rate hour for all of their work, what were their gross labor sales for last week? d) What was Sammy's Service Center's gross profit for last week? e) What was their gross profit percentage for last week? (Use 2 decimal places. Ex: 47.56)

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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