Labor Information
-Regular Rate $16.00/hr
-Overtime Rate $24.00/hr
-Targeted Labor Cost $11,200/wk
-Labor Hours Needed 700/wk
-Any hour worked over 40 hrs/wk
must be paid overtime rate
For a 14-person team, how
does the actual weekly
labor cost compare to the
targeted labor cost?
$16 over target
$280 over target
$1120 over target
$2,440 over target
$5,600 over target
Answers
Given : Labor Information
-Regular Rate $16.00/hr
-Overtime Rate $24.00/hr
-Targeted Labor Cost $11,200/wk
-Labor Hours Needed 700/wk
-Any hour worked over 40 hrs/wk must be paid overtime rate
To Find : For a 14-person team, how does the actual weekly labor cost compare to the targeted labor cost?
$16 over target
$280 over target
$1120 over target
$2,440 over target
$5,600 over target
Solution:
Labor Hours Needed 700/wk
14-person team, 40 hrs/wk
= 14 * 40 = 560 hrs
Regular Rate $16.00/hr
Hence 560 * 16 = 8960 $
remaining hours = 700 - 560 = 140$
Over time work = 140 $
Overtime Rate $24.00/hr
Hence 140 * 24 = 3360$
Total Cost = 8960 + 3360 = 12320 $
Targeted Labor Cost $11,200/wk
Hence 12320 - 11200 = 1120 $ / wk
Hence actual weekly labor cost compare to the targeted labor cost $1120 over target
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Answer:
for 14 person team how does the actual weakly labour cost comap