7. on an average hourly basis, how much does butcher enterprises spend on wages and benefits, respectively, in dollars?

The compensation survey showed an average hourly rate of $23 for total compensation. Of this amount, wages are $16 per hour and benefits are $7 per hour. In comparison, Butcher Enterprises spends an average hourly rate of $19 for total compensation. Of this amount, 70 percent is allocated for wages.

1-7. On an average hourly basis, how much does Butcher Enterprises spend on wages and benefits, respectively, in dollars?

Answer:

Hourly wage = 0.7 * $19 = $13.3

Hourly benefit = 0.3 * $19 = $5.7

Explanation:

Butcher enterprises spends average hourly rate of total compensation = $ 19

Allocation for hourly wage = 70%

So therefore;

Hourly wage = 0.7 * $19 = $13.3

Allocation for hourly benefit = 30%

So therefore;

Hourly benefit = 0.3 * $19 = $5.7

wages: $13.3

benefits: $5.7

Explanation:

In the problem above, the butcher enterprises usually budget an average hourly rate of approximately $19 as the total package for each employee. In addition, 70% of this allocation is for wages while the remaining 30% is for benefits. Therefore, we can deduce the hourly rate as follow:

wages: 0.7*$19 = $13.3

benefits: 0.3*$19 = $5.7