QUESTION $1$

Show all workings for each recording

$(20$ Marks$)$

$1\mathrm{.}1$

REQUIRED

Calculate the remuneration of Molly for $08$ February $2024$ using Taylor's differential piecework system.

$(4$ marks$)$

INFORMATION

The following information relates to the remuneration of Molly for $08$ February $2024$:

$\backslash$table$[[$Standard time allowed,$20$ minutes per unit$],[$Standard workday,$8$ hours$],[$Normal wage rate,$R120$ per hour$],[$Premium$,\backslash$table$[[90\%$ of piecework rate if below standard$],[110\%$ of piecework rate if standard or above standard$]]],[$Molly$\text{'}$s production for the day,$27$ units$]]$

$1\mathrm{.}2$

REQUIRED

Use the information provided below to calculate the economic order quantity.

$(4$ marks$)$

INFORMATION

The average monthly usage of an item that costs R$2$ each and sells for R$4\mathrm{.}50$ each is $600$ units. The holding cost is $10\%$ of the cost of the item. The cost to place an order is R$20.$

$1\mathrm{.}3$

REQUIRED

Calculate the earnings of Amanda for the day using the straight piecework incentive scheme.

$(4$ marks$)$

INFORMATION

The standard time to produce a product is $10$ minules. Amanda is paid R$120$ per hour and the normal working day is $8$ hours. If Amanda produces more than her quota, she receives $1\mathrm{.}5$ times the hourly rate on the additional output. Amanda produced $54$ units for the day.

$1\mathrm{.}4$

REQUIRED

Complete the following table that would reflect the value of issues to production and inventory balances using the first$-$in$-$first out method of inventory valuation:

$\backslash$table$[[,$Purchases,Issues$/$Returns$,$Balance$],[$Date$,$Quantity,Price,Amount,Quantity,Price,Amount,Quantity,Price,Amount$]]$

$(4$ marks$)$

INFORMATION

The transactions of Kerman Manufacturers for January $2024$ are as follows:

$\backslash$table$[[$January$,$Transaction,Units,Price per unit$],[01,$Opening inventory,$4000,R3\mathrm{.}00$