MGT402 (Cost and Management Accounting) - Important Practice Questions - Lecture 12 - Part 4

MGT402 (Cost and Management Accounting) - 100% Exam/Paper Preparation - Important Practice Questions - Short Lectures - By Rare Academy of Science
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Rare Academy of Science

PROBLEM QUESTIONS

Q. 4
(a) How is incentive wages calculated under (i) Halsey and (ii) Rowan incentive schemes of wages payment? Explain the difference between them and the advantage to the worker under these two methods of incentive payment.
(b) From the following data tabulate the total earnings per hour of each worker separately under (i) Halsey and (ii) Rowan schemes of incentive payment.

Worker A B C D E F
Time allowed (hours) 3 4 5 6 7 8
Actual time (hours) 5 3 4 5 3 3
Basic wages per hrs. (Rs.) 2 2 2 2 2 2

Q. 5
Kirn is paid commission of 5% on the first Rs. 20,000 of sales, and 7.5% on any sales in excess of this amount. However she is only paid the commission when either the customer has paid for the order, or has taken out a financing agreement.
In October she made sales of Rs. 35,000, however two customers refused to pay or take out a financing agreement. One had ordered goods costing Rs. 1,500, and the other goods costing Rs. 2,500.
How much commission will Kirn receive?
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