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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Mike Lamb sells copiers for Royal Business Products. He is on an incremental commission schedule of 1.7% of sales up to $100,00 and 2.5% on sales greater than $100,000. What was Mike’s total gross pay last month if his sales volume was $184,600?

To determine

To calculate: The Mike Lamb’s total gross pay for last month, if he works for Royal Business Products and his sales volume was $184,600. He is on an incremental commission schedule, if sales are up to $100,000 commission rate is 1.7% and for sales greater than $100,000 commission rate is 2.5%.

Explanation

Given Information:

The provided sales volume is $184,600 and if sales are up to $100,000 commission rate is 1.7% and for sales greater than $100,000 commission rate is 2.5%.

Formula used:

To calculate gross pay by incremental commission:

Step 1: Calculate the pay at each level by multiplying the total sales and the commission rate for that level.

Level pay=Sales per level×Commission rate

Step 2: Calculate the total gross pay by adding the pays from each level.

Calculation:

As Mike Lamb’s sales volume is $184,600, commission rate is 1.7% for sales up to $100,000 and commission rate is 2.5% for sales more than $100,000,

So, he has commission rate 2.5% for sales of $184,600$100,000=$84,600.

Now to find Mike Lamb’s total gross pay first find his level wise pay.

To calculate level 1 pay, consider rate of commission and sales volume,

1.7% and $100,000

As, Level pay=Sales per level×Commission rate

Apply the above formula,

Level 1 pay = $100,000×1.7%=$100,000×1

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