Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, 'round to the next higher cent. 3. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827 Weekly rate ($1,827 x 12)/52 - $421.615 rounded to $421.62 Hourly rate $421.62/40 - $10.540 rounded to $10.54 O.T. rate $10.54 x 1.5 - $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Example 2-23 Paul Fritz produced 3,073 pieces in a 44-hour workweek and is paid 18% cents for every unit produced. Step 1 Compute the total regular weekly earnings. 3,073 x $0.1875 = $576.19 regular weekly earnings Step 2 Compute the regular hourly rate of pay. $576.19 + 44 hours - $13.10 regular hourly rate of pay 0.5 x $13.10 - $6.55 overtime rate of pay Step 3 Compute the overtime rate of pay and compute the overtime earnings. The regular earnings include the pay for the overtime hours at the regular rate. This is for the extra one-half time. 4 hours x $6.55 - $26.20 overtime earnings Step 4 Compute the total regular and overtime earnings for the week. $576.19 + $26.20 = $602.39 piecework and overtime earnings During the first week in November, Erin Mills worked 47.50 hours and produced 1,210 units under a piece-rate system. The regular piece rate is $0.33 a unit. Mills is paid overtime according to the FLSA ruling for overtime work under a piece-rate system. Compute the following amounts. Round all divisions to two decimal places and use the rounded amounts in subsequent computations. Round your final answers to the nearest cent. a. The piecework earnings b. The regular hourly rate S The overtime hourly rate $ C. The overtime earnings $ $ d. The total earnings