Unless instructed otherwise, compute hourly rate and overtime rates as follows: 1.Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate).2.If the third decimal place is 5 or more, round to the next higher cent.3.If the third decimal place is less than 5, drop the third decimal place.Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.Refer to Instruction 2-1. James Beam earns $2,275 each month and works 37.5 hours each week. His employer pays him overtime (for hours beyond 37.5) and uses the overtime premium approach. Beam’s overtime premium hourly rate is __________.

Employees earn a base pay element as well as an overtime premium when they work overtime or beyond…

Answered: Refer to Instruction 2-1. James Beam…

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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Unless instructed otherwise, compute hourly rate and overtime rates as follows:

1.	Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate).
2.	If the third decimal place is 5 or more, round to the next higher cent.
3.	If the third decimal place is less than 5, drop the third decimal place.

Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.

Refer to Instruction 2-1. James Beam earns $2,275 each month and works 37.5 hours each week. His employer pays him overtime (for hours beyond 37.5) and uses the overtime premium approach. Beam’s overtime premium hourly rate is __________.

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