Name: Costing Economic Issues Assignment Directions: Attached to this worksheet is the wage schedule for Sample Company’s unionized production workers. Using thatwage schedule: 0 First: Complete each empty cell of the wage schedule attached. 0 Second: Answer the questions below using data from the wage schedule and guidance included in the questions.You may calculate the requested information using a calculator or you may develop spreadsheets to do the calculations.Answers may be hand written as long as they’re readable. Partial credit can only be awarded if you show your work. Round to the nearest dollar. Carry percentages to the hundredths place. round «Hm mum it .Corrg ‘I. tomaenr loo tn place This is an individual assignment, and is due at the beginning of class, Monday, March 18, 2019. ———————-————-——_—______—___—___—___—_____ 1. What is the total, annual, straight time wage budget (not including any overtime) for Sample Company? (V2 point) 2. How many labor hours are worked in a year by the bargaining unit, not including any overtime? (V2 point) 3. What’s Sample Company’s average straight time rate of pay (ASTR) for the bargaining unit? (ASTR = Annual wages paid +total hours worked) (1 point) 4. Overtime is regularly worked by bargaining unit members on an average, weekly basis as follows:- Set-up/CIean-up Workers 10% overtime per week, all shifts0 Packaging Operators 10% overtime per week, all shifts0 Machine Operators 10% overtime per week, all shifts The current contract calls for overtime pay at time and a half (1.5x) over 40 hours/week. The union proposes increasing theovertime rate to 1.75% pay for hours over 40 hours/week. Complete the following chart based on current contract wages to determine the financial impact of the proposed increase in overtime rate of pay. (Chart appears on the next page.)(4 points)
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