Multiply Hours By Hourly Rate 


Multiply Hours By Hourly Rate  Excel 
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Hi! I'm hoping someone can help me, please! I need to multiply the number of hours by a daily rate if the hours are 4 hours or more. and I need to multiply the number of hours by an hourly rate if the number of hours is 3 or less. I need it to round up to the next hour if the number of minutes is greater than 15. My formula is working great except for when the hours are 4 and the minutes are from 0 to 14 it wants to multiply by the daily rate. I'm thinking I need the hour qualifier in the beginning of the formula so that it will test if it is four hours and stop and not mess with the minutes? I tried to fix it and I ending up getting the daily rate when I had 3:16 minutes for example because it was rounding to 4. 3:16 minutes would only be the hourly rate because it wasn't actually greater than 4 hours. Any thoughts? Following is my formula:$A$83 is the daily rate and $A$84 is the hourly rate,
=IF(IF(MINUTE(AA3)<=14,HOUR(AA3),HOUR(AA3)+1)>4,$A$83,IF(MINUTE(AA3)<=14,HOUR(AA3),HOUR(AA3)+1)*$A$84)
I would greatly appreciate any help that could be offered.
Thanks again.
Angela
I'm trying to figure out what the formula is to multiply the total hours worked per week by their hourly pay for each individual. kind of like the
=Sum(I25:I32) Formula but I want to multiply the outcome of that formula by the hourly rate of 11.00, 15.00 and 16.00. Does anybody know how this can be done? If so I would greatly appreciate it.
Thanks!
charitydc
=Sum(I25:I32) Formula but I want to multiply the outcome of that formula by the hourly rate of 11.00, 15.00 and 16.00. Does anybody know how this can be done? If so I would greatly appreciate it.
Thanks!
charitydc
Dang... the hardest part of trying to ask for help is trying to figure out how to say what you want to say!!!
I am trying to create a conditional formula. I have multiple workers that work for different $$ per hour. I am keeping the hourly rates on one page for security purposes (the person that is going to be updating the hours worked is not very computer savy and they less they have to type the better) and the hours on another... I want copy a formula down the page that will calculate the hours to the hourly rate. The issue is that i want the formula to look at all of the hourly rates (assume they get raises) for Joe and multiply the most recent hourly rate times the hours... in addition I don't want the formula to recalculate when a new hourly rate is put into the hours sheet.
Example
Jan. 1 joe works 8hours at $10 per hour formula in A1 (or wherever) calculates $80
Jan. 2 joe gets $1 raise
Jan. 2 Joe works 8 hours at $11 per hour formual in A2 calculates $88 but formula in A1 maintains the $80 and does not calculate the $1 raise.
Does this make sense???
Thanks for your help. If confused let me know and i will
I am trying to create a conditional formula. I have multiple workers that work for different $$ per hour. I am keeping the hourly rates on one page for security purposes (the person that is going to be updating the hours worked is not very computer savy and they less they have to type the better) and the hours on another... I want copy a formula down the page that will calculate the hours to the hourly rate. The issue is that i want the formula to look at all of the hourly rates (assume they get raises) for Joe and multiply the most recent hourly rate times the hours... in addition I don't want the formula to recalculate when a new hourly rate is put into the hours sheet.
Example
Jan. 1 joe works 8hours at $10 per hour formula in A1 (or wherever) calculates $80
Jan. 2 joe gets $1 raise
Jan. 2 Joe works 8 hours at $11 per hour formual in A2 calculates $88 but formula in A1 maintains the $80 and does not calculate the $1 raise.
Does this make sense???
Thanks for your help. If confused let me know and i will
When I subtract 15:30 from 09:00, I get 6:30. But when i use this as hours worked and multiply it by an hourly rate, i get an inaccurate number. How do I accomplish this. I just want to be able to subtract an ending time from the beginning time and multiply it by an hourly rate.
So, i have a table which is coordinating hours worked for my clients.
However, this has been generated into a box where i am using a hh:mm format.
I am then inputing an hourly rate and require a multiplication to take
place. As i have a different value for different clients, i need to be able
to input a number and this to be multiplied by the hours.
I am going crazy as the Excel help facility is either sending me round in
circles or giving me help which is no help at all.
However, this has been generated into a box where i am using a hh:mm format.
I am then inputing an hourly rate and require a multiplication to take
place. As i have a different value for different clients, i need to be able
to input a number and this to be multiplied by the hours.
I am going crazy as the Excel help facility is either sending me round in
circles or giving me help which is no help at all.
Hello,
I am having trouble with an if statement that calculates pay rates. The
rules are the first 20 hours are straight time, the next 10 (Between 20 and
30 hours) are at 1.5 times the hourly rate, then anything over 30 hours is 2
times the hourly rate. I am obvoiusly multiplying all of my hours here by
it's hourly rate times 2  I just can't seem to fit it all in without adding
additional coulmns.
Start time Stop time Hrly rate Hours worked Gross pay Correct Answer
7:00 22:57 10.75 39:57 $859.14 $590.39
Any Suggestions?
Thank you,
Denise
I am having trouble with an if statement that calculates pay rates. The
rules are the first 20 hours are straight time, the next 10 (Between 20 and
30 hours) are at 1.5 times the hourly rate, then anything over 30 hours is 2
times the hourly rate. I am obvoiusly multiplying all of my hours here by
it's hourly rate times 2  I just can't seem to fit it all in without adding
additional coulmns.
Start time Stop time Hrly rate Hours worked Gross pay Correct Answer
7:00 22:57 10.75 39:57 $859.14 $590.39
Any Suggestions?
Thank you,
Denise
Sorry for this lame post.....
I've a cell showing the amount of hours spent on a project (68:45:00).
My hourly rate is $ 105
How do I convert the hours into a number which I can then multiply with 105
to get the correct cost?
Regards
Mr. Smith
I've a cell showing the amount of hours spent on a project (68:45:00).
My hourly rate is $ 105
How do I convert the hours into a number which I can then multiply with 105
to get the correct cost?
Regards
Mr. Smith
Hello All,
I've been working on this equation for a couple of hours now and just know that I'm missing something simple. Any help would be greatly appreciated.
Below is a section of the spreadsheet that I have created to calculate payouts under specific conditions. The payouts are all based on a weekly rate. However, all of our data is either an annual rate or an hourly rate and the user would be entering it in that way. The user would be entering either an annual or an hourly rate as appropriate under the applicable column, leaving the other column blank. I want to be able to put a single formula under the weekly rate that will calculate the weekly rate as appropriate and as per how the rate was entered.
For example  to calculate the weekly rate using an annual salary the formula is  $annual rate/52.18. Using an hourly rate the formula is $hourly rate * hours of work per week.
How can I incorporate both of these formulas into one, so that the user can enter the rate field as either annual or hourly and the formula will calculate the weekly rate.
Hours of Work
(per week)
Annual Salary Hourly Rate Weekly Rate $0.000
Thanks.
I've been working on this equation for a couple of hours now and just know that I'm missing something simple. Any help would be greatly appreciated.
Below is a section of the spreadsheet that I have created to calculate payouts under specific conditions. The payouts are all based on a weekly rate. However, all of our data is either an annual rate or an hourly rate and the user would be entering it in that way. The user would be entering either an annual or an hourly rate as appropriate under the applicable column, leaving the other column blank. I want to be able to put a single formula under the weekly rate that will calculate the weekly rate as appropriate and as per how the rate was entered.
For example  to calculate the weekly rate using an annual salary the formula is  $annual rate/52.18. Using an hourly rate the formula is $hourly rate * hours of work per week.
How can I incorporate both of these formulas into one, so that the user can enter the rate field as either annual or hourly and the formula will calculate the weekly rate.
Hours of Work
(per week)
Annual Salary Hourly Rate Weekly Rate $0.000
Thanks.
Entering time values in custom format [h]:mm:ss
Cells accept hours over 23,
Adding cells in column returns correct total time.
Have not found a way to multiply these cells by a $ hourly rate.
So use HOUR(cell ref) and MINUTE(cell ref) to capture values in referenced
cell  then use these values to calculate total payment for $rate per hour.
However, the HOUR(cell ref) formula returns the hours in excess of 24 when
the cell contains an hour value in excess of 23 (ie 27 hours returns 3).
Cells accept hours over 23,
Adding cells in column returns correct total time.
Have not found a way to multiply these cells by a $ hourly rate.
So use HOUR(cell ref) and MINUTE(cell ref) to capture values in referenced
cell  then use these values to calculate total payment for $rate per hour.
However, the HOUR(cell ref) formula returns the hours in excess of 24 when
the cell contains an hour value in excess of 23 (ie 27 hours returns 3).
I have 5 cells in a row with a different hourly rate across the top of the page.
I have 5 cells in a row below the hourly rate row with labor hours.
I want to total the labor hours for that row times the hourly rate and have it total like this.
=SUM(I4*I2)+(J4*J2)+(K4*K2)+(L4*L2)+(M4*M2)+(N4*N2)
Row 2 is the hourly rate.
Row 4 is the hours.
My question is when I paste this formula down the columns the row 2 increments.
I have a lot of rows and don't want to edit each formula.
Is there a way around this?
I have 5 cells in a row below the hourly rate row with labor hours.
I want to total the labor hours for that row times the hourly rate and have it total like this.
=SUM(I4*I2)+(J4*J2)+(K4*K2)+(L4*L2)+(M4*M2)+(N4*N2)
Row 2 is the hourly rate.
Row 4 is the hours.
My question is when I paste this formula down the columns the row 2 increments.
I have a lot of rows and don't want to edit each formula.
Is there a way around this?
Hi there,
I'm trying to multiply every second cell together while looking up a rate in another table. Basically It's looking like this:
Name1 Name 2 Name 3 Hours Rate Hours Rate Hours Rate 5 x 10 x 15 x
In another sheet I have a table with names and cost. Basically, I'm trying to find a formula to go in G3 to search the row for all hours and multiply the hours by a cost in a table on a different sheet based on the name in row 1. I'm not sure if I'm explaining this well or not but any help would be awesome.
Thanks!
I hope there is an easier way to calculate the following in excel:
I am endeavoring to determine the weighted hourly rate of pay to determine the 75th percentile for a market wage rate study.
Example of data
3 hours at $45, 160 hours at $25, 900 hours at $65. (this is 3 examples of hour associated with rates that need to be included in the formula.) I need to count each rate individually times the hours that are available at that rate.
My hope is that there is a way to do this without having to manually list the $45 rate 3 x's in a column, $25 rate 160 x's in same column and $65 900 times in same column to then be able to formulate the statistic percentage in column count at 0.75.
Bottomeline issue is need hours in one column where each different rate is accounted for times the number of hours that need to be weighted for the rate.
Thanks for any insight for better way to do this!!!!
I am endeavoring to determine the weighted hourly rate of pay to determine the 75th percentile for a market wage rate study.
Example of data
3 hours at $45, 160 hours at $25, 900 hours at $65. (this is 3 examples of hour associated with rates that need to be included in the formula.) I need to count each rate individually times the hours that are available at that rate.
My hope is that there is a way to do this without having to manually list the $45 rate 3 x's in a column, $25 rate 160 x's in same column and $65 900 times in same column to then be able to formulate the statistic percentage in column count at 0.75.
Bottomeline issue is need hours in one column where each different rate is accounted for times the number of hours that need to be weighted for the rate.
Thanks for any insight for better way to do this!!!!
Hi All
This is my second post and I thought I would ask a excel question.
I am making a sheet to keep track of man hours worked during the week.
I can format the cell to figure out hours worked for a day by Subtracting the end time from the start time +12.
Start 8, End 4, Total Hours worked 8 hours or = C7B7+12 is 8 hours.
BUT.....
if I SUM the 5 cells I use for the amount of the five work days totals hours, AND it's over 40!! How do I
Get 1 through 40 hours to *hourly rate, and any overtime hours to *by 1.5 the hourly rate? (DISCLAIMER)I am very much a beginner so please go easy if it is at all possible.
THANKS for your help or even to be pointed in the right direction.
Bill
This is my second post and I thought I would ask a excel question.
I am making a sheet to keep track of man hours worked during the week.
I can format the cell to figure out hours worked for a day by Subtracting the end time from the start time +12.
Start 8, End 4, Total Hours worked 8 hours or = C7B7+12 is 8 hours.
BUT.....
if I SUM the 5 cells I use for the amount of the five work days totals hours, AND it's over 40!! How do I
Get 1 through 40 hours to *hourly rate, and any overtime hours to *by 1.5 the hourly rate? (DISCLAIMER)I am very much a beginner so please go easy if it is at all possible.
THANKS for your help or even to be pointed in the right direction.
Bill
Hi,
I am trying to set myself up a timesheet using Office 2007 (OS  Vista Home Premium 32 bit)
I enter my start time and finish time and ask for the time difference  I then have a hidden column which converts the time difference to a general number so I can use it to multiply with my hourly rate. My problem is that the hidden column does not return the converted minutes, just the hours so therefore when I multiply it with my hourly rate is not correct as it misses the minutes.
This is how it looks in row 3
In A3 I enter the date e.g. 10/03/08
In B3 I enter my start time e.g. 09:30
In C3 I enter my finish time e.g. 17:00
In D3 I have =IF(A3="","",C3B3) which returns 08:30
In E3 I have =IF(D3="","",HOUR(D3)) which returns 8 (this is a hidden column)
This is where the problem lies as I need it to convert 08:30 to 8.5 so i can multiply it with my hourly rate.
In F3 I have =IF(E3="","",IF(E3>=7,$F$1,IF(E3=4,$F$1/2,$F$1/7.5*E3))) which returns what I should charge but if I work anything with a 1/2 hour in it the results do not calculate it.
I'm sure this is something very simple and would appreciate any help with which function I should use in E3 to return the 8.5 needed.
Many Thanks
Zobble!
I am trying to set myself up a timesheet using Office 2007 (OS  Vista Home Premium 32 bit)
I enter my start time and finish time and ask for the time difference  I then have a hidden column which converts the time difference to a general number so I can use it to multiply with my hourly rate. My problem is that the hidden column does not return the converted minutes, just the hours so therefore when I multiply it with my hourly rate is not correct as it misses the minutes.
This is how it looks in row 3
In A3 I enter the date e.g. 10/03/08
In B3 I enter my start time e.g. 09:30
In C3 I enter my finish time e.g. 17:00
In D3 I have =IF(A3="","",C3B3) which returns 08:30
In E3 I have =IF(D3="","",HOUR(D3)) which returns 8 (this is a hidden column)
This is where the problem lies as I need it to convert 08:30 to 8.5 so i can multiply it with my hourly rate.
In F3 I have =IF(E3="","",IF(E3>=7,$F$1,IF(E3=4,$F$1/2,$F$1/7.5*E3))) which returns what I should charge but if I work anything with a 1/2 hour in it the results do not calculate it.
I'm sure this is something very simple and would appreciate any help with which function I should use in E3 to return the 8.5 needed.
Many Thanks
Zobble!
Can someone help with a small problem that I'm having. I'm trying to format
a group of cells so I can calculate hours of work , then multiply that by my
hourly wage. I'd like it to read so that I can add a list of hours and then
multiply it by the hour rate of pay. (I.E. 8.30 hr + 8.30 hr + 8.30 hr =
25.30 X $10.00 = $253.00 )
(@ @)
o00o(_)o00o
a group of cells so I can calculate hours of work , then multiply that by my
hourly wage. I'd like it to read so that I can add a list of hours and then
multiply it by the hour rate of pay. (I.E. 8.30 hr + 8.30 hr + 8.30 hr =
25.30 X $10.00 = $253.00 )
(@ @)
o00o(_)o00o
Hours Worked Normal Hours After Hours Pay Start 8:30:00 PM 8:30 3:30 5:00 3.50 5.00 23:54 Finish 5:00:00 AM
I am starting with a very simple spreadsheet just to figure out the mechanics.
As you can see, in B2 and B3 I have 2 time objects.
For normal Hours I have =D34+(B2>D34)B2
For After Hours I have =B3+(D34>B3)D34
Then as you can see I have a value of 3.50, which is a decimal conversion of the 3:30 hours using
=HOUR(D2)+((MINUTE(D2)*0.01)*(1.66))
But because this is still typically a time object, if I was to multiply it by an hourly rate, I will not be returned with the correct pay.
What I need is to figure out a way to make that 3.5 a number that I can multiply and I simply cant remember how to cast it as an int properly.
I did try =INT(E2)+(E2INT(E2))/0.6 but it looks ok, until you give it more than 2 decimal places, then it turns from 0.35 to 0.347
Any Ideas guys?
Hello All,
I am new to the site and have a question for you experts. I havent used EXCEL in a long time & recently decided to take a class to refresh my skills.
I have a problem that I must do and i know this is a really simple IF/THEN statement, but I just cant get it to work. I have cut/pasted the prob below...
A. Your spreadsheet must allow you to change figures that are given and still get the correct answer. Examples are tax rates, and hourly pay.
B. Employees are paid as either salaried or hourly, as indicated by the pay code. If the employee is salaried, the gross pay equals the pay rate. If the employee is hourly, gross pay is calculated by multiplying their hourly pay rate by the number of hours. However, if an hourly employee goes over 40 hours he gets 1.5 times his pay rate for the hours over 40. For this section use an IF statement.
Pay Code 1  Hourly
Pay Code 2  Salaried
This is where I get hagged up...I have the whole sheet setup but CANNOT get the IF statement to work. I need to have one IF statement (maybe one imbedded in another) to calculate overtime if the employee has gone over 40 hours, i.e 41 in my problem.
How can I set up 1 formula to calculate the salraried employees pay as well calculate the hourly employees pay including overtime and ONLY have to change the hours and no other info in the sheet>
Can some one please guide me!?!?!?
Thanks in advance...
I am new to the site and have a question for you experts. I havent used EXCEL in a long time & recently decided to take a class to refresh my skills.
I have a problem that I must do and i know this is a really simple IF/THEN statement, but I just cant get it to work. I have cut/pasted the prob below...
A. Your spreadsheet must allow you to change figures that are given and still get the correct answer. Examples are tax rates, and hourly pay.
B. Employees are paid as either salaried or hourly, as indicated by the pay code. If the employee is salaried, the gross pay equals the pay rate. If the employee is hourly, gross pay is calculated by multiplying their hourly pay rate by the number of hours. However, if an hourly employee goes over 40 hours he gets 1.5 times his pay rate for the hours over 40. For this section use an IF statement.
Pay Code 1  Hourly
Pay Code 2  Salaried
This is where I get hagged up...I have the whole sheet setup but CANNOT get the IF statement to work. I need to have one IF statement (maybe one imbedded in another) to calculate overtime if the employee has gone over 40 hours, i.e 41 in my problem.
How can I set up 1 formula to calculate the salraried employees pay as well calculate the hourly employees pay including overtime and ONLY have to change the hours and no other info in the sheet>
Can some one please guide me!?!?!?
Thanks in advance...
Please help.
In one cell I have number of hours worked in time format e.g. 8:00 hours.
In the next cell I have the hourly pay rate in currencly format e.g. $22.50
In the next cell I want to be able to multiply 8.00 hours by $22.50 to get
the daily amount of pay but when I multiply the 2 cells I get some figure
which is way off. Does anyone know how I can do this ?
Thank You
In one cell I have number of hours worked in time format e.g. 8:00 hours.
In the next cell I have the hourly pay rate in currencly format e.g. $22.50
In the next cell I want to be able to multiply 8.00 hours by $22.50 to get
the daily amount of pay but when I multiply the 2 cells I get some figure
which is way off. Does anyone know how I can do this ?
Thank You
Using MS Excel 97.
Need help with writing a formula.
I have the following three (3) columns in a worksheet used to calculate laborcost estimates for construction.
Emp Type
Hours
Amt
There are twenty (20) employee types (Emp Type). Each has a different hourly pay rate. Three (3) examples are shown. The employee types are designated using a coded combination of letters and numbers. This "code" is necessary for employee privacy purposes.
GF = General Forman @ 41.06 per hourly rate.
FM = Forman @ 39.51 per hourly rate.
LAB = Laborer @ 17.11 per hourly rate.
I wish to simply enter in the first column the >>Emp Type<<. Into the second column the >>Hours<<. The >>Amt<< colunm will calculate and display the result.
It seems to me that giving the >>Emp Type<< a "name" that refers to the hourly rate is the simplest result. How can I do this? I have tried the Insert, Name, Define menu options to no avail. I continue to get a #VALUE! error message.
Thank you,
BWray
Need help with writing a formula.
I have the following three (3) columns in a worksheet used to calculate laborcost estimates for construction.
Emp Type
Hours
Amt
There are twenty (20) employee types (Emp Type). Each has a different hourly pay rate. Three (3) examples are shown. The employee types are designated using a coded combination of letters and numbers. This "code" is necessary for employee privacy purposes.
GF = General Forman @ 41.06 per hourly rate.
FM = Forman @ 39.51 per hourly rate.
LAB = Laborer @ 17.11 per hourly rate.
I wish to simply enter in the first column the >>Emp Type<<. Into the second column the >>Hours<<. The >>Amt<< colunm will calculate and display the result.
It seems to me that giving the >>Emp Type<< a "name" that refers to the hourly rate is the simplest result. How can I do this? I have tried the Insert, Name, Define menu options to no avail. I continue to get a #VALUE! error message.
Thank you,
BWray
I have a problem with trying to figure up how much to pay a telemarketer for the week. Our payroll spreadsheet is right now set up to figure up an hourly rate and a commission for the week. Whichever is greater, the salesman gets paid that amount. I found out that actually we've been paying wrong. What should happen is this: if the hours worked > 40 AND the commission > hourly rate, then it should be ((commission/hours) * .5 * overtime hours) + commission, else if either one of those is false then it should pay the greater of the commission or the hourly rate. I need to come up with a foolproof formula that will get me this amount. If there is anyone who can help me, I would greatly appreciate it.
Thanks,
Thanks,
Not experimented much with formulas before but would like to create one for the below. I have tried to find something online but don't know how to explain it in the search engine to be able to find what I want.
EG.
Column A =NAME B=CALCULATION C= HOURS E =NAMES F= HOURLY RATE
Column E has a list of names and column F has list of hourly rate.
Column A is empty til one of the names from E has been typed in and column C empty til the hours have been entered. B is the formula to create a result.
I would like to be able to add a name in A3 e.g. John add his hours of work to C3 e.g. 5 (hours). Then put the formula in B3 which will see the name John look down the names in E and * the hours with the hourly rate.
Is this possible or maybe anyone can point me to a internet page which would help me know the correct formulas.
Many thanks.
Hi guys
I've attached a sheet which I use for invoicing. Some employees are paid hourly and some are paid a day rate. When I input data into the hourly rate employees the sub total calculation is correct. When I input data into the flat rate employees the sub total calculation isn't adjusted.
D15 holds the amount of hours worked for an hourly employee. V15 holds the amount calculated. D97 holds the amount of hours worked for an hourly rate employee. V109 is supposed to make the calculation but doesn't.
Thanks
Beanie
doing a project spread sheet using custom format hh:mm to record volunteer
hours.
Problem 1  volunteers who have contributed > 24 hours return the wrong
answer when hours totalled )i.e. seems to go back to zero when 24 hours
reached)
problem 2 how do I multiply the totla individual hours by the individual
hourly rates to obtain a total value?
hours.
Problem 1  volunteers who have contributed > 24 hours return the wrong
answer when hours totalled )i.e. seems to go back to zero when 24 hours
reached)
problem 2 how do I multiply the totla individual hours by the individual
hourly rates to obtain a total value?
Hi
We are trying to create a timesheet that will autocalculate the number of hours worked and also the number of those hours that are standard rate, time and a half rate and double rate.
The main sheet will have 7 main columns (A1:G1): Date, Start Time, Finish Time, Total Hrs Worked, Standard Rate Hrs, x1.5 rate Hrs, x2.0 rate Hrs.
Is there a simple way to do this assuming the hours are calculated thus:
Standard Rate  09:00 to 17:00
x1.5 Rate  17:01 to 23:59
x2.0 Rate 00:00 to 08:59
Sunday  00:00 to 23:59 is at x2.0 rate all day
I got as far as calculating the total hours worked but couldn't figure out the way to convert them into the right hourly rate columns
thanks
Hi all,
I'm trying to come up with a formula that will allow me to be able to the following overhead calculation that must be set every month to an hourly rate, that must equal the annual budget...
Annual Planned Work Hours = 51,750 [based on planned working hours of 1,125 working a 46 week year]
The total Budget = $388,000
There are 25 teams that work 45 hours per week = 1,125 [as above]
Because its based on a 46 week year recovered over 12 months = 46/12 = 3.8333 weeks
1,125 Weekly Hours * 3.8333 = 4312 monthly hours.
"still with me so far?"
So, $388,000 / 51,750 = $7.50 per hour recovery, which = $7.50 * 4,312 = $32,340 [which is planned each month].
However, the next monthly "hourly" rate needs to be set [the starting month being $7.50], but the planned working hours will change on a weekly basis. Some months may go up and some may go down. So, I need to understand what the rate formula for the rate should be, if....
Month 1: 4,312 hours @ $7.50 = $32,340 [which is as planned]
Month 2: 4,400 hours @ $7.50 = $33,000 [over recovered by $660]
Month 3: 4,450 hours @ $?.?? = i.e. what should this rate be??? Bearing in mind that we don't know the hours worked until the end of the month, I must know how to adjust the rate in Month 4, 5 and so on....
Thanks.
I'm trying to come up with a formula that will allow me to be able to the following overhead calculation that must be set every month to an hourly rate, that must equal the annual budget...
Annual Planned Work Hours = 51,750 [based on planned working hours of 1,125 working a 46 week year]
The total Budget = $388,000
There are 25 teams that work 45 hours per week = 1,125 [as above]
Because its based on a 46 week year recovered over 12 months = 46/12 = 3.8333 weeks
1,125 Weekly Hours * 3.8333 = 4312 monthly hours.
"still with me so far?"
So, $388,000 / 51,750 = $7.50 per hour recovery, which = $7.50 * 4,312 = $32,340 [which is planned each month].
However, the next monthly "hourly" rate needs to be set [the starting month being $7.50], but the planned working hours will change on a weekly basis. Some months may go up and some may go down. So, I need to understand what the rate formula for the rate should be, if....
Month 1: 4,312 hours @ $7.50 = $32,340 [which is as planned]
Month 2: 4,400 hours @ $7.50 = $33,000 [over recovered by $660]
Month 3: 4,450 hours @ $?.?? = i.e. what should this rate be??? Bearing in mind that we don't know the hours worked until the end of the month, I must know how to adjust the rate in Month 4, 5 and so on....
Thanks.