Ross's compensation is to be changed from an hourly rate of $31.50 for a 40-hour week to a salary paid semimonthly. What should he be paid semimonthly in order for his annual earnings to remain the same? (Assume there are exactly 52 weeks in a year. Round your answer to the nearest cent.)

Ross's compensation is to be changed from an hourly rate of $31.50 for a 40-hour week to a salary paid semimonthly. What should he be paid semimonthly in order for his annual earnings to remain the same? (Assume there are exactly 52 weeks in a year. Round your answer to the nearest cent.)

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter3: Accounting For Labor

Section: Chapter Questions

Problem 15E

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Question

Ross's compensation is to be changed from an hourly rate of $31.50 for a 40-hour week to a salary paid semimonthly.

What should he be paid semimonthly in order for his annual earnings to remain the same? (Assume there are exactly 52 weeks in a year. Round your answer to the nearest cent.)

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