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cjhenson02
06.04.2021 •
Business
An employee earns $28 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 46 hours during the week. Assume that the FICA tax rate is 7.5% and that federal income tax of $200 was withheld. a. Determine the gross pay for the week. $fill in the blank 1 b. Determine the net pay for the week. Round intermediate calculations and your final answer to the nearest cent. $fill in the blank 2
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Ответ:
Answer and Explanation:
a. The computation of the gross pay for the week is shown below
Regular pay ($28 ×40 hours) $1,120
Overtime pay (6 hours × $28 × 1.5) $252
Total gross pay $1,372
b. The computation of the net pay for the week is given below:
Gross pay $1,372
Less:
FICA ($1,372 × 7.5%) $103
Federal income tax $200
Net pay $1069.10
Ответ:
(a) Per unit material cost.
$23 per tontotal cost of the mine = $1,190,000 (purchase cost) + $90,000 (restoration costs) + $200,000 (development costs) - $100,000 (salvage value) = $1,380,000
estimated tons of minerals = 60,000 tons
cost per ton = $1,380,000 / 60,000 tons = $23 per ton
(b) Total material cost of December 31, 2017, inventory
$184,000during 2017 extracted 30,000 tons and sold 22,000 tons, so the total inventory = (30,000 tons - 22,000 tons) x $23 per ton = $184,000
(c) Total material cost in cost of goods sold at December 31,
$506,000since the company sold 22,000 tons, the COGS = 22,000 tons x $23 per ton = $506,000