VIPSolutionsgive answer in 2 step with explanation at the end of each step and final answer at the end: On the payroll for JenCo were listed 3 0 part - time workers at $ 3 1 , 5 0 0 each, 1 0 full - time general labourers at $ 1 7 , 2 3 4 each, 5 managers at $ 3 6 , 9 0 0 each, 1 vice - president at $ 9 8 , 0 0 0 , and 1 president at $ 2 7 7 , 0 0 0 . What was the weighted average salary for all employees at this company? For full marks your answer ( s ) should be rounded to the nearest cent.
Question:
give answer in 2 step with explanation at the end of each step and final answer at the end: On the payroll for JenCo were listed 3 0 part - time workers at $ 3 1 , 5 0 0 each, 1 0 full - time general labourers at $ 1 7 , 2 3 4 each, 5 managers at $ 3 6 , 9 0 0 each, 1 vice - president at $ 9 8 , 0 0 0 , and 1 president at $ 2 7 7 , 0 0 0 . What was the weighted average salary for all employees at this company? For full marks your answer ( s ) should be rounded to the nearest cent.
This is AI generated Response.
Asked by: Pagal
Created at: 2025-07-26 06:34:07
Asked by: Pagal
Created at: 2025-07-26 06:34:07
Final Answer:
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**Step 1: Find the total salary for each group and the total number of employees.**
- Part-time workers: \(30 \times \$3,500 = \$105,000\)
- Full-time general labourers: \(10 \times \$17,234 = \$172,340\)
- Managers: \(5 \times \$36,900 = \$184,500\)
- Vice-president: \(1 \times \$98,000 = \$98,000\)
- President: \(1 \times \$277,000 = \$277,000\)
Total salary = \$105,000 + \$172,340 + \$184,500 + \$98,000 + \$277,000 = **\$836,840**
Total number of employees = 30 + 10 + 5 + 1 + 1 = **47**
*Explanation:* In this step, we multiply the number of people in each group by their respective salaries to get each group's total salary, then sum these to get the overall total salary. We also calculate the total number of employees.
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**Step 2: Calculate the weighted average salary.**
Weighted average salary = Total salary / Total number of employees
Weighted average salary = \$836,840 / 47 ≈ **\$17,810.43**
*Explanation:* Here, we divide the total salary by the total number of employees to find the average salary per employee, properly accounting for the different numbers and salaries in each group.
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**Final Answer:**
The weighted average salary for all employees at JenCo is **\$17,810.43** (rounded to the nearest cent).
Question:
The questions solve in step by step in all parts
This is AI generated Response.
Asked by: Pagal
Created at: 2025-07-26 06:37:17
Asked by: Pagal
Created at: 2025-07-26 06:37:17
Final Answer:
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**Step 1: Calculate the total salary for each group and the total number of employees.**
- Part-time workers: \(30 \times \$3,500 = \$105,000\)
- Full-time general labourers: \(10 \times \$17,234 = \$172,340\)
- Managers: \(5 \times \$36,900 = \$184,500\)
- Vice-president: \(1 \times \$98,000 = \$98,000\)
- President: \(1 \times \$277,000 = \$277,000\)
Total salary = \$105,000 + \$172,340 + \$184,500 + \$98,000 + \$277,000 = **\$836,840**
Total number of employees = 30 + 10 + 5 + 1 + 1 = **47**
*Explanation:* We determine the total salary paid to each group by multiplying the number of employees by their individual salary. Summing these totals gives the overall payroll expense, and summing the employees gives the total workforce size.
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**Step 2: Calculate the weighted average salary.**
Weighted average salary = Total salary / Total number of employees
= \$836,840 / 47 ≈ **\$17,810.43**
*Explanation:* The weighted average salary accounts for the varying number of employees and salaries across groups. Dividing the total payroll by the total number of employees yields the average salary per employee, rounded to the nearest cent.
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**Final Answer:**
The weighted average salary for all employees at JenCo is **\$17,810.43**.
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