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Hello
Past paper June 2008 Question 1 re Chaff Co.
Part B – Labour efficiency and Labour idle time. How do they get the labour rate of £20 per hour???
I thought the formula was (Standard hours produced – Actual worked) x Standard Rate (which is £18 per hour).The answer states £20 but with no explaination as to how.
Thanks in advance
No worries – I had a stupid moment!
Idle time is 10% of paid hours, therefore £18 x 100 / 90 = £20
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I did the same question today and used $18, it does state in the answers that the use of $18 would be acceptable, however you’re reconciliation statement would not have balanced.
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