Regarding the labor costs, one company shown the following annual data per employee: Gross Annual Salary: "National social security" paid by the employee: "National social security" paid by the company: € 16,800 5% 24% Income Tax: Attendance time: Idle time: 8% 1,750 hours 2% Page 11/13 Chapter 3: Materials & Labour. Exercises According with the data given, read the sentences below and write True (T) or False (F) in the space provided. (Inside the question, each incorrect answer cancels out each correct one) (Please show you the mathematical process done) The hourly rate is 15.86 € per hour. If the idle time was 4%, the hourly rate would be 12.8 € per hour. The total amount of annual labour cost is € 18,984. The annual productive time is 1,715 hours. The 24% "National Social Security" paid by the company is subtracted from Gross Annual Salary.

Regarding the labor costs, one company shown the following annual data per employee: Gross Annual Salary: "National social security" paid by the employee: "National social security" paid by the company: € 16,800 5% 24% Income Tax: Attendance time: Idle time: 8% 1,750 hours 2% Page 11/13 Chapter 3: Materials & Labour. Exercises According with the data given, read the sentences below and write True (T) or False (F) in the space provided. (Inside the question, each incorrect answer cancels out each correct one) (Please show you the mathematical process done) The hourly rate is 15.86 € per hour. If the idle time was 4%, the hourly rate would be 12.8 € per hour. The total amount of annual labour cost is € 18,984. The annual productive time is 1,715 hours. The 24% "National Social Security" paid by the company is subtracted from Gross Annual Salary.

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Description: Regarding the labor costs, one company shown the following annual data peremployee:Gross Annual Salary:"National social security" paid by theemployee:"National social security" paid by thecompany:€ 16,800 Income Tax:5%Attendance24%time:Idle time:8%1

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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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

Regarding the labor costs, one company shown the following annual data per
employee:
Gross Annual Salary:
"National social security" paid by the
employee:
"National social security" paid by the
company:
€ 16,800 Income Tax:
5%
Attendance
24%
time:
Idle time:
8%
1,750
hours
2%
Page 11/13
Chapter 3: Materials & Labour. Exercises
According with the data given, read the sentences below and write True (T) or
False (F) in the space provided. (Inside the question, each incorrect answer
cancels out each correct one) (Please show you the mathematical process done)
The hourly rate is 15.86 € per hour.
If the idle time was 4%, the hourly rate would be 12.8 € per hour.
The total amount of annual labour cost is € 18,984.
The annual productive time is 1,715 hours.
The 24% "National Social Security" paid by the company is subtracted from
Gross Annual Salary.

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