Regular Rate $16.00/hr – Overtime Rate $24.00/hr – Targeted Labour Cost $11,200/wk – Labour Hours Needed 700/wk – Any hour worked over 40 hrs/wk must be paid overtime rate
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Given that :
Regular rate : $16/hr
overtime rate : $24/hr
Labour hour needed : 700/wk
overtime : 40hr/week +
Now,
Labour hours needed : 700/wk.
Regular hours : 40 hrs/week
overtime hours : 700-40 = 660 hrs /week
Regular hours price = $16/hr
= 40x16 : $640
Overtime hours price = $24/hr
=24x660 : $15,840
Total Price = $15,840+$640 : $16,480.
Targeted cost = $11,200/wk
Price increase : $16,480 - $11,200
= $5,280. Answer.
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