Assignment:
The Arkade Company is considering switching to a 15 percent allowance based on time worked. Calculate the new standard time for each work element and for the total job. The frequency equals 1 for all work elements. (Round your answers to 3 decimal places, the tolerance is +/-0.001.)
Work Element Mean Observed Time (Minutes) Perfomance Rating Factor Standard Time
1. 1.20 0.95
2. 1.00 0.85
3. 0.80 1.10
4. 0.90 1.10
Provide complete and step by step solution for the question and show calculations and use formulas.