- 15 Marks
MI – Nov 2023 – L1 – SB – Q2b – Costing Methods
calculation of total remuneration for workers.
Question
There are six workers in a production department of a manufacturing company: Ayo, Bola, Cosmas, Dapo, Eniola, and Alasa. The following information is extracted from the company’s records for the month: Standard production per month is 1,250 units.
Production by each employee:
- Ayo: 1,000 units
- Bola: 1,250 units
- Cosmas: 1,375 units
- Dapo: 900 units
- Eniola: 1,125 units
- Alasa: 1,200 units
Piecework rate is N100.00 per unit of actual production.
Additional bonus is N200.00 for each 1% of actual production above 80% of the standard production. There’s also a production allowance of N5,000 per month.
Required:
Compute the total remuneration for the workers for the month.
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