Compute hourly rate and overtime rates

Assignment Help Accounting Basics

Reference no: EM133609912

Question: 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.

Pan receives 16 cents for every unit produced. Pan produces 2,976 pieces in a 43-hour workweek. For overtime, Pan is paid a sum equal to one-half the regular hourly pay rate multiplied by the number of overtime hours. Pan's total piecework and overtime earnings are $fill in the blank 1. Round your final answer to the nearest cent.

Reference no: EM133609912

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