Formula of calculation of wages under Rowan Premium System is ........

Costing - Phase (I & II) Basics of Cost Control and Analysis

Formula of calculation of wages under Rowan Premium System is:

Standard Rate per hour (+) % (Standard Time -Actual Time) Standard Rate per hour

Actual Time x Standard Rate per hour (+) % (Standard Time -Actual Time) Standard Rate per hour

Actual Time x Standard Rate per hour (+) (Standard Time -Actual Time)/ Standard Time x Actual Time x Standard Rate per hour

None of the above

According to Rowan,

wages = Actual time taken x Standard rate of wages per hour

(+)

Bonus = (Standard time (-) Actual Time)/standard Time x Actual time taken x Standard rate of wages per hour

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