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Kyle Forman worked 45 hours during the week for Erickson Company at two different jobs. His pay rate was $13.75 for the first 40 hours, and his pay rate was $10.60 for the other 5 hours. Round your overtime rate and other interim computations to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent.   Determine his gross pay for that week if the company uses the one-half average rate method.   a.   Gross pay  b.   If prior agreement existed that overtime would be paid at the rate for the job performed after the 40th hour, the gross pay would be

Kyle Forman worked 45 hours during the week for Erickson Company at two different jobs. His pay rate was $13.75 for the first 40 hours, and his pay rate was $10.60 for the other 5 hours. Round your overtime rate and other interim computations to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent.   Determine his gross pay for that week if the company uses the one-half average rate method.   a.   Gross pay  b.   If prior agreement existed that overtime would be paid at the rate for the job performed after the 40th hour, the gross pay would be

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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Kyle Forman worked 45 hours during the week for Erickson Company at two different jobs. His pay rate was $13.75 for the first 40 hours, and his pay rate was $10.60 for the other 5 hours.

Round your overtime rate and other interim computations to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent.
 

Determine his gross pay for that week if the company uses the one-half average rate method.
 

a.   Gross pay 

b.   If prior agreement existed that overtime would be paid at the rate for the job performed after the 40th hour, the gross pay would be

Kyle Forman worked 45 hours during the week for Erickson Company at two different jobs. His pay rate was $13.75 for the first 40 hours, and his pay rate was $10.60 for the other 5 hours. Round your overtime rate and other interim computations to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent. Determine his gross pay for that week if the company uses the one-half average rate method. a. Gross pay $ 636.50 b. If prior agreement existed that overtime would be paid at the rate for the job performed after the 40th hour, the gross pay would be 689.50 X Feedback ✓ Check My Work a. One-half average rate method is calculated by taking the total earnings for both jobs, dividing by the total hours worked, then taking one-half of this rate and multiplying by the overtime hours. b. Use overtime rate based on the rate for the job performed after the 40th hour.
Transcribed Image Text:Kyle Forman worked 45 hours during the week for Erickson Company at two different jobs. His pay rate was $13.75 for the first 40 hours, and his pay rate was $10.60 for the other 5 hours. Round your overtime rate and other interim computations to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent. Determine his gross pay for that week if the company uses the one-half average rate method. a. Gross pay $ 636.50 b. If prior agreement existed that overtime would be paid at the rate for the job performed after the 40th hour, the gross pay would be 689.50 X Feedback ✓ Check My Work a. One-half average rate method is calculated by taking the total earnings for both jobs, dividing by the total hours worked, then taking one-half of this rate and multiplying by the overtime hours. b. Use overtime rate based on the rate for the job performed after the 40th hour.
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