A Computer Repair Person Earns $25

question 26

Short Answer

A computer repair person earns $25.80 an hour with time-and-a-half for any time over 40 hours a week. One week she works 52 hours. What is her gross pay?

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Definitions:

Ending Inventory Valuation

The valuation of goods remaining unsold at the end of an accounting period.

Average Cost Formula

A method used for inventory valuation, determining the cost of goods sold and ending inventory by calculating the weighted average of all purchases and manufacturing costs.

Periodic Inventory System

An accounting system that updates the inventory balance once at the end of the accounting period, using physical counts and purchase records.

Physical Count

The process of manually counting and verifying the amounts of inventory a company physically has in its possession.