Hibco & Partners, a Quebec-based public accounting partnership, specializes in audit services. Its job-costing system has a single direct-cost category (professional labor) and a single indirect-cost pool (audit support, which contains all costs of the Audit Support Department). Audit support costs are allocated to individual jobs using actual professional labor-hours. Hibco & Partners employs 3 professionals to perform audit services. Management of the company has provided different categories of bonus. It can fixed different level of bonus according to minimum time utilization on job.
The standard time for the completion of a certain job is fixed at 50 hours. Normal wages are paid to the workers according to time rate, which is Rs.20 per hour. The plan of payment of bonus is as under:
For 1st 10% saving in time 20% of time saved
For next 30% saving in time 40% of time saved
For next 20% saving in time 30% of time saved
For balance 5% of time saved
1. Compute total earning of Mr. X, Mr. Y and Mr. Z.
2. Mr.X worked 55 hours, Mr.Y worked 40 hours and last Mr. Z worked For 15 hours of professional labor time. Compute the per hour earning of each of professional using bonus rate by segregating them into categories. Explain who worked more efficiently.
3. Why the total earning of employee’s job decrease while an employees worked more efficiently than others (completed task in minimum time).
Note: Provide necessary computations to support your solution
but where is the earning of Mr. X in the solution of Mr. Tariq Malik?
Kia koi bata sakta hai kis ka solution correct hai
Bohat confusion create ho gai hai. Please final solution kon sa hai ????
yr koi asignmnt kry ga k ni ???????????????????????????????????????? eska sahi or complete solution kya h ??? or kb tak mily ga
plz tell me the solution because its too much confusing guys
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Sabhi khamosh ho ker beth gy hein.... Koi khayal nahi hum ghareebon ka...!!!
Aur yar Article for Assignment No. 1 kahan sy download ho ga...??? kuch pata nahi chal raha
Kisi ne assignment bna li ha to plz solution to upload kr de Students...
1st part mein hamien TOTAL EARNINGS calculate krny ka keh raha hai. 2nd part mein per hour earning of each professional using bonus rate calculate krny ka keh raha hai. Too phr hum phly bonus rate find kriengy phr formula mein put kriengy.
Bonus Rate= Time Allowed- Actual Time Taken / Time Allowed x 100%
Bonus rate find krny k baad hum Gross wages ka formula lagaingy.
Gross wages=(Time worked x wage rate)+1/2(Time saved x wage rate)
Time Rate Based Premium Plans
Halsey Premium Plan
Under this system, a standard time is fixed for each job or operation. Time rate is guaranteed to a worker and if he completes the job within standard time or more than the standard time, he is paid standard rate.
But if the Job is completed in less than the standard time fixed for the job, he is given wages for the actual hours taken plus bonus equal to one half of the wage of the time saved.
Gross Wages = (Time worked x wage rate) + ½ (Time saved x wage rate)
Wage rate per hour Rs. 1.50
Time allowed for the job 16 hours
Time taken 12 hours.
1. Calculate the Gross earnings of the worker.
2. Find out effective “rate of earnings”
Solution: (Halsey premium plan)
Basic Pay 12 x 1.5 = 18
Bonus Pay ½ (4)x 1.5 = 3
21 Effective rate of earning Rs21/12 hours = Rs. 1.75
paragraph prhien sub frndz phly sub kuch hamari assignment sy related likha hai k yeh system kab use hoga jb aap ny Earning aur efficiency find krni hai .... 100% yehi formulas use hongy. I am fully confident on it
taimur bhai , time bohat short hai , can u pla share the final solution
koi apna personl upload solution share kr dy ga kyn k math type assig same hi hoti hn
iss assignment ka extra time millay ga kiya