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Piece Rate System - Labour Remuneration
However an employee is paid a fixed amount for all units produced irrespective of time in use; the wages payable are computed like follows:
Wages = Number of units produced X Rate per unit
During this case, there is a flat rate per unit. Conversely, a company may modify this and apply the Taylor's differential price rate system whereas three piece rates are set for all jobs: the low, common higher piece rate. Conversely the low piece rate is applicable whereas a worker is not capable to achieve the standard or common output and the highest piece rate is for such above standard. This may lead to high wage differential in that company and consequently demonization if it does not guarantee minimum wages on time basis. For this purpose, the differential price rate systems and also many variations of the piece rate system have a minimum or guaranteed pay.
Blox ($) Shapez ($) Direct material per unit 10 23 Direct labour per unit 19 32 Manufacturing overhead per unit 7 10 Selling & Admin. expenses per unit 17 31 T
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Sales: $168,042 Variable Costs: $63,987 Total fixed expenses:$ 75,794 Number units sold per year: 6367 1. What is the contribution margin per unit of your product or service? 2.
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What are the four elements of the budgeting cycle?
Current assets 180.00 232.00 Less: Current Liabilities 80.00 105.00 Working Capital
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