During the first week in November, Erin Mills worked 45.50 hours and produced 1,289 units under a piece-rate system. The regular piece rate is $0.32 a unit. Mills had agreed with her employer prior to the performance of the work that she would be paid one and one-half times the regular piece rate for all pieces produced during the overtime hours. Assume that her production totals for the week were 1,091 pieces during regular hours and 198 pieces during overtime hours. Compute the following amounts. Round your overtime rate to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent. a. The piecework earnings b. The overtime earnings c. The total earnings Check My Work 3 more Check My Work uses remaining. Previous Next

During the first week in November, Erin Mills worked 45.50 hours and produced 1,289 units under a piece-rate system. The regular piece rate is $0.32 a unit. Mills had agreed with her employer prior to the performance of the work that she would be paid one and one-half times the regular piece rate for all pieces produced during the overtime hours. Assume that her production totals for the week were 1,091 pieces during regular hours and 198 pieces during overtime hours. Compute the following amounts. Round your overtime rate to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent. a. The piecework earnings b. The overtime earnings c. The total earnings Check My Work 3 more Check My Work uses remaining. Previous Next

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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Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $7,000; Accounts Receivable $1,900; Inventory $3,500; Common Shares $7,800; and Retained Earnings $4,600. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,340, terms 1/10, n/30, FOB shipping point. May 3 Freight charges of $137 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,500, terms n/30, FOB destination. The cost of the merchandise was $2,400. 7 Freight charges of $86 were paid by the appropriate party on the May 4 sale. 8. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. 11 Purchased supplies for $390 cash. 14 Received payment in full from Yip Company for…
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