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3. Labor Costs Under Straight Piecework Plan. The following labor data for the past week were prepared for B. Masterson, an employee of Boot Hill Corp.: Dag Units Produced Hours Worked 4 Monday ............................................................................................ 110 8 Tuesday ............................................................................................ 125 8 Wednesday........ 120 8 Thursday........... . . 135 8 Friday ............................................................................................... 130 8 Mastersou's wage rate is P15 per hour, and the standard production rate is 15 units per hour. Required: Determine the daily wages for Mastersou and the labor cost per unit for units produced during each day of the week, assuming that the company is on a straight piecework incentive wage plan and that a worker is guaranteed a wage of P15 per hour. (Round the unit labor cost to two decimal places.) 4. Learning Curve Effect on Total Cost. ArmstrongGlenn (AG) Inc. is preparing to bid on the construction of seven additional rocket carrier frames for launching communication satellites. Under a special contract, the company has already built one frame with the following costs: Materials ............................................................................................................................................. P 800,000 Lab or (60,000 hrs.) ............................................................................................................................. "50,000 Variable overhead: 50% of direct labor cost .............................................................................................................. 315,000 On the basis of materials used ................................................................................................... 150,000 Total .................................................................................................................................................... 2 go ggggg Variable overhead based on materials used represents materials storage cost. For seven frames, this cost would be Pl,050,000. The company was informed that the maximum acceptable bid is P2,000,000 per unit. However, AG will not place a bid unless it can recover its costs plus a P600,000 gross prot per frame. An 80% learning curve is in effect. Required: (1) Determine the total direct labor hours required for all eight frames. (2) Determine the total cost for the seven frames covered by the new bid. (3) Determine the prot (or loss) per unit if a bid of P2,000,000 per frame is offered. [Round all amounts to the nearest whole dollar.) (4) Should AG accept the contract at a bid price ofP2,000,000 per frame