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Standard time allowed for a job is 50 hours. The hourly rate of wage is Rs.10 per hour plus dearness allowance of Rs.5 per hour worked. Actual time taken 40 hours. Calculate total wages on time and piece wages.?
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Standard time allowed for a job is 50 hours. The hourly rate of wage i...
Calculation of Total Wages
Hourly Rate of Wage
- The hourly rate of wage = Rs.10 per hour
- Dearness allowance per hour worked = Rs.5 per hour
- Total hourly rate of wage = Rs.10 + Rs.5 = Rs.15 per hour
Standard Time and Actual Time
- Standard time allowed for the job = 50 hours
- Actual time taken to complete the job = 40 hours
Calculation of Total Wages on Time Wages
- Total hours worked = 40 hours
- Hourly rate of wage = Rs.15 per hour
- Total wages on time wages = Total hours worked x Hourly rate of wage
- Total wages on time wages = 40 x 15 = Rs.600
Calculation of Total Wages on Piece Wages
- Piece rate per job = Total wages on time wages / Standard time allowed for the job
- Piece rate per job = 600 / 50 = Rs.12 per hour
- Total wages on piece wages = Piece rate per job x Actual time taken to complete the job
- Total wages on piece wages = 12 x 40 = Rs.480
Explanation of Time Wages and Piece Wages
Time Wages
- Time wages are paid based on the number of hours worked by the employee.
- The hourly rate of wage is fixed, and the employee is paid for the number of hours worked.
- In this case, the hourly rate of wage is Rs.10 per hour, and the dearness allowance is Rs.5 per hour worked. Therefore, the total hourly rate of wage is Rs.15 per hour.
- The total wages on time wages are calculated by multiplying the total hours worked by the hourly rate of wage.
- In this case, the total hours worked are 40 hours, and the hourly rate of wage is Rs.15 per hour. Therefore, the total wages on time wages are Rs.600.
Piece Wages
- Piece wages are paid based on the number of jobs completed by the employee.
- The piece rate per job is fixed, and the employee is paid for the number of jobs completed.
- In this case, the piece rate per job is calculated by dividing the total wages on time wages by the standard time allowed for the job.
- The total wages on piece wages are calculated by multiplying the piece rate per job by the actual time taken to complete the job.
- In this case, the piece rate per job is Rs.12 per hour, and the actual time taken to complete the job is 40 hours. Therefore, the total wages on piece wages are Rs.480.
Conclusion
- The total wages on time wages and piece wages are calculated based on the number of hours worked and the number of jobs completed, respectively.
- The hourly rate of wage and the piece rate per job are fixed, and the total wages are calculated by multiplying the rate by the relevant factor (hours worked or jobs completed).
- In this case, the total wages on time wages are Rs.600, and the total wages on piece wages are Rs.480.
Hourly Rate of Wage
- The hourly rate of wage = Rs.10 per hour
- Dearness allowance per hour worked = Rs.5 per hour
- Total hourly rate of wage = Rs.10 + Rs.5 = Rs.15 per hour
Standard Time and Actual Time
- Standard time allowed for the job = 50 hours
- Actual time taken to complete the job = 40 hours
Calculation of Total Wages on Time Wages
- Total hours worked = 40 hours
- Hourly rate of wage = Rs.15 per hour
- Total wages on time wages = Total hours worked x Hourly rate of wage
- Total wages on time wages = 40 x 15 = Rs.600
Calculation of Total Wages on Piece Wages
- Piece rate per job = Total wages on time wages / Standard time allowed for the job
- Piece rate per job = 600 / 50 = Rs.12 per hour
- Total wages on piece wages = Piece rate per job x Actual time taken to complete the job
- Total wages on piece wages = 12 x 40 = Rs.480
Explanation of Time Wages and Piece Wages
Time Wages
- Time wages are paid based on the number of hours worked by the employee.
- The hourly rate of wage is fixed, and the employee is paid for the number of hours worked.
- In this case, the hourly rate of wage is Rs.10 per hour, and the dearness allowance is Rs.5 per hour worked. Therefore, the total hourly rate of wage is Rs.15 per hour.
- The total wages on time wages are calculated by multiplying the total hours worked by the hourly rate of wage.
- In this case, the total hours worked are 40 hours, and the hourly rate of wage is Rs.15 per hour. Therefore, the total wages on time wages are Rs.600.
Piece Wages
- Piece wages are paid based on the number of jobs completed by the employee.
- The piece rate per job is fixed, and the employee is paid for the number of jobs completed.
- In this case, the piece rate per job is calculated by dividing the total wages on time wages by the standard time allowed for the job.
- The total wages on piece wages are calculated by multiplying the piece rate per job by the actual time taken to complete the job.
- In this case, the piece rate per job is Rs.12 per hour, and the actual time taken to complete the job is 40 hours. Therefore, the total wages on piece wages are Rs.480.
Conclusion
- The total wages on time wages and piece wages are calculated based on the number of hours worked and the number of jobs completed, respectively.
- The hourly rate of wage and the piece rate per job are fixed, and the total wages are calculated by multiplying the rate by the relevant factor (hours worked or jobs completed).
- In this case, the total wages on time wages are Rs.600, and the total wages on piece wages are Rs.480.
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Standard time allowed for a job is 50 hours. The hourly rate of wage is Rs.10 per hour plus dearness allowance of Rs.5 per hour worked. Actual time taken 40 hours. Calculate total wages on time and piece wages.?
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Standard time allowed for a job is 50 hours. The hourly rate of wage is Rs.10 per hour plus dearness allowance of Rs.5 per hour worked. Actual time taken 40 hours. Calculate total wages on time and piece wages.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Standard time allowed for a job is 50 hours. The hourly rate of wage is Rs.10 per hour plus dearness allowance of Rs.5 per hour worked. Actual time taken 40 hours. Calculate total wages on time and piece wages.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Standard time allowed for a job is 50 hours. The hourly rate of wage is Rs.10 per hour plus dearness allowance of Rs.5 per hour worked. Actual time taken 40 hours. Calculate total wages on time and piece wages.?.
Standard time allowed for a job is 50 hours. The hourly rate of wage is Rs.10 per hour plus dearness allowance of Rs.5 per hour worked. Actual time taken 40 hours. Calculate total wages on time and piece wages.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Standard time allowed for a job is 50 hours. The hourly rate of wage is Rs.10 per hour plus dearness allowance of Rs.5 per hour worked. Actual time taken 40 hours. Calculate total wages on time and piece wages.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Standard time allowed for a job is 50 hours. The hourly rate of wage is Rs.10 per hour plus dearness allowance of Rs.5 per hour worked. Actual time taken 40 hours. Calculate total wages on time and piece wages.?.
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