Calculate the earnings of each employee as determined

Assignment Help Managerial Accounting
Reference no: EM132655574

Productivity Today Limited is a newly established company that manufactures ladies'  designer clothes for a departmental store. It has one employee in each section of its sewing department. Details of one working period are shown below.

Name of employee         Nancy            Progress             Naomi

Output (units)               270                    200             220

Standard hours per unit   0.18                    0.25           0.2

Time taken in hours        40                        38            36

Rate per hour (K)         12,500                   10,500    12,000

Rate per unit (K)           2,000                     2,500     2,400

Question (a) Calculate the earnings of each employee as determined by each of the following methods:

(i) Hourly rate

(ii) Piece work

(iii) Individual bonus scheme according to the 100% participation scheme with 100 as standard performance.

Question (b) Calculate:

(i) The employees' individual performances

(ii) The average performance for the three employees. Performance is calculated as (Standard time allowed/Actual time spent)

(c) Management is now in the process of choosing and adopting a payment method to be used by the company's payroll. Suggest, with reasons, which one of the three methods above should be chosen.

Reference no: EM132655574

Questions Cloud

Calculate the total profit for the company : Calculate the total profit for this company as well as the profit per each toy sold. What is the breakeven sales in $? What is the breakeven sale in units?
Find what is difference between cost centers and cost unit : Find What is the difference between cost centers and cost unit and also explain cost behavior pattern? Explain in detail and provide the example.
How much should Ray include in his gross income : The fair market value of Carin's interest was $1,000,000. How much should Ray include in his gross income from this bargain purchase
Ha3300d - healthcare policy and ethics : HA3300D - Healthcare Policy and Ethics, Introduce yourself to your classmates in the context of ethics and morals. Who are you as an ethical being?
Calculate the earnings of each employee as determined : Calculate the earnings of each employee as determined by each of the Individual bonus scheme according to the 100% participation scheme with 100 as standard.
Analyzing opportunities for organization development work : Analyzing Opportunities for Organization Development Work at Northern County Legal Services
Ritzer concepts of efficiency and predictability : Discuss how Ritzer's concepts of efficiency, predictability, calculability,and control monitoring are evident in this scene.
Future Trends and Challenges of Executive Coaching : Athletes across the world have relied on the support of a coach, a mentor, or a teacher to help them build confidence and achieve their full potential
Calculate the company predetermined manufacturing : Calculate the company's predetermined manufacturing overhead rate, assuming the company uses direct labor hours as its allocation base.

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.

  Prepare a retained earnings statement

Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.

  Prepare a master budget for the three-month period

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

  Evaluate the predetermined overhead rate

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd