Question

In: Accounting

Leticia Alvarez worked 40 hours straight time and 20 hours overtime at an hourly rate of...

Leticia Alvarez worked 40 hours straight time and 20 hours overtime at an hourly rate of $10.50. Of the 20 hours overtime, 8 hours were at double time. Compute the following: 30. Straight-time earnings = 31. Overtime earnings = 32. Gross earnings =

Expert Solution

Answer:

30. Straight-Time Earnings = $420

31. Overtime Earnings = $294

32. Gross Earnings = $714

It is given in the question that Leticia Alvarez worked:

Hourly Rate = $10.50 per hour

40 hrs Straight time

20 hrs Overtime

Out of this 20 hrs Overtime, 8 hrs were double time. This means that this 8 hrs is equivalent to 16 hrs worked. The balance Overtime is 12 hrs ( 20 - 8 hrs ).

So in total, Overtime worked (effectively) would be 12 hrs + 16 hrs = 28 hrs.

Hence,

Straight-Time Earnings = No. of straight time hrs worked x hourly rate

= 40 x 10.5

= $420

Overtime Earnings = Effective Overtime hrs worked x hourly rate

= 28 x 10.5

= $294

Gross Earnings = Straight-time Earnings + Overtime Earnings

= 420 + 294

= $714

Note: Alternatively, we can also find the Overtime Earnings by a different method:

Overtime Earnings = No. Of hrs worked x hourly rate

Here hourly rate will be different. Hourly rate for 8 hrs will be double for double time which is $10.5 x 2 = $21 per hour. For the balance 12 hrs ( 20 - 8 ), it will be $10.5 per hour.

i.e. Overtime Earnings = (12 x 10.5 ) + ( 8 x 21 )

= 126 + 168

= $294

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