AeBee Publishers works for various educational institutes for editing, binding, printing of various books and magazines on job work basis.…

AeBee Publishers works for various educational institutes for editing, binding, printing of various books and magazines on job work basis. Currently, the company has employed 30 workers and pays them on hour rate basis for each job assigned. To complete one of the process of binding, the average time allowed to an employee is 8 hours for a 10 pages magazine. In the month of March, two employees 'Cee' and 'Dee' were given 21 and 30 units of magazines respectively for binding work. The following are the details of the work assigned: Particulars 'Cee' 'Dee' Work assigned 21 units 30 units Time taken 78 hours 114 hours The existing rate of wages is 60 per hour along with bonus as per Halsey System. However, a new wage agreement has been signed between the employees and the company where, employees will be paid 65 per hour with effect from the April month. But, inadvertently, for the month of March, the accountant of the company paid the wages to these employees considering rate of wages as 65 per hour. You are required to CALCULATE the following: (i) Amount of loss that the company has incurred due to incorrect rate selection in the month of March. (ii) Loss incurred by the company due to incorrect rate selection if it had followed Rowan scheme of bonus payment. (iii) Amount that could have been saved if Rowan Scheme of bonus payment were followed.