Homework Answers
| Computation of Total Price of Job | |
| Labour Charges ( $28.80X 150 Hour) | $4,320.00 |
| Parts Cost | $60,000.00 |
| Profit on Labour charges ($40X 150 Hour) | $6,000.00 |
| Profit margin on Material ( 60000X80%) | $48,000.00 |
| Total Price of Job | $118,320.00 |
| Working Note:- |
| Hourly Rate of Labour= Budgted Time Charges/ Expected Labour Hour |
| =$345600/12000 Hour=$28.80 per Hour |
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TIME AND MATERIAL PRICING! • Total budgeted Time Charges are $345,600. • Total budgeted Material Loading...
Waterways uses time and material pricing when it bids on irrigation projects. Budgeted data for the...
Waterways uses time and material pricing when it bids on irrigation projects. Budgeted data for the coming year are as follows. WATERWAYS CORPORATION Budgeted Costs for Irrigation Projects Time Charges $243,000 Material Loading charges Labor wages (6,000 hours) Supervisor's salary Clerical and accountant wages Irrigation supplies manager Overhead 58,800 $57,000 3,000 41,000 21,140 $122, 140 57,000 $358,800 Total Waterways has budgeted for 6,000 labor hours. It desires a $15 profit margin per hour of labor and 16% profit on materials....
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1) Compute the labor rate per hour, 2) Compute the material loading percentage 3) Compute the...
1) Compute the labor rate per hour,
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just e8.9
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Practice Problem 1 Sutton’s Electronic Repair Shop has budgeted the following time and material for 2020....
Practice Problem 1
Sutton’s Electronic Repair Shop has budgeted the following time and
material for 2020.
SUTTON’S
ELECTRONIC REPAIR SHOP
Budgeted Costs for the Year 2020
Time
Charges
Material Loading
Charges
Shop employees’ wages and
benefits
$99,640
―
Parts manager’s salary and
benefits
―
$25,400
Office employee’s salary and
benefits
17,860
13,360
Overhead (supplies, depreciation,
advertising, utilities)
28,200
19,380
Total budgeted costs
$145,700
$58,140
Sutton’s budgets 4,700 hours of repair time in 2020 and will bill a
profit of $14...
Question 9 View Policies Current Attempt in Progress Waterways uses time and material pricing when it bids on irrigatio...
Question 9 View Policies Current Attempt in Progress Waterways uses time and material pricing when it bids on irrigation projects. Budgeted data for the coming year are as follows. WATERWAYS CORPORATION Budgeted Costs for Irrigation Projects Material Time Loading Charges Charges Labor wages (5900 hours) $237770 Supervisor's salary $61000 Clerical and accountant wages 63130 4000 Irrigation supplies manager 41000 Overhead 54280 22050 Total $355180 $128050 Waterways has budgeted for 5900 labor hours. It desires a $13 profit margin per hour...
Practice Problem 1 Sutton's Electronic Repair Shop has budgeted the following time and material for 2020....
Practice Problem 1 Sutton's Electronic Repair Shop has budgeted the following time and material for 2020. SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Time Charges Material Loading Charges Shop employees' wages and benefits $101,050 Parts manager's salary and benefits $25,400 Office employee's salary and benefits 20,210 17,650 Overhead (supplies, depreciation, advertising, utilities) 24,440 16,800 Total budgeted costs $145,700 $59,850 Sutton's budgets 4,700 hours of repair time in 2020 and will bill a profit of $14 per labor...
Sutton's Electronic Repair Shop has budgeted the followingg time and material for 2020. SUTTON'S ELECTRONIC REPAIR...
Sutton's Electronic Repair Shop has budgeted the followingg time and material for 2020. SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Material Loading Charges Time Charges $118,800 Shop employees' wages and benefits Parts manager's salary and benefits $25,400 21,600 15,400 Office employee's salary and benefits 27,000 17,340 Overhead (supplies, depreciation, advertising, utilities) $167,400 $58,140 Total budgeted costs Sutton's budgets 5,400 hours of repair time in 2020 and will bill a profit of $14 per labor hour along with...
Waterways uses time and material pricing when it bids on irrigation projects. Budgeted data for the coming year are as follows. WATERWAYS CORPORATION Budgeted Costs for Irrigation Projects Time Charges $243,000 Material Loading charges Labor wages (6,000 hours) Supervisor's salary Clerical and accountant wages Irrigation supplies manager Overhead 58,800 $57,000 3,000 41,000 21,140 $122, 140 57,000 $358,800 Total Waterways has budgeted for 6,000 labor hours. It desires a $15 profit margin per hour of labor and 16% profit on materials....
P22-3B Armstrong Bike Repair Shop has budgeted the following time and material for 2017 Armstrong Bike Repair Shop Budgeted Costs for the Year 2017 Time Material Charges Loading Charges Shop employees' wages and benefits $36.000 Parts supervisor's salary and benefits $20,000 Office employee's salary and benefits 15,000 10,000 Overhead (supplies, depreciation, advertising, utilities) 19,000 15,000 Total budgeted costs $70.000 $45.000 Armstrong budgets 2,500 hours of repair time in 2017 and will bill a profit of $5 per labor hour along...
1) Compute the labor rate per hour,
2) Compute the material loading percentage
3) Compute the total estimated bill,
Question 2 Rey Custom Electronics (RCE) sells and installs complete security, computer, audio, and video systems for homes. On newly constructed homes it provides bids using time-and-material pricing. The following budgeted cost data are available. Time Charges Material Loading Charges Technicians' wages and benefits $140,700 Parts manager's salary and benefits Office employee's salary and benefits 30,820 Other overhead 18,760 Total budgeted...
1. Gibco Service has budgeted the following time-and-material for 2019: Budgeted Costs For 2019 Time Charges $38,000 Material Charges Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint Overhead (supplies, utilities, etc.) 12,000 $24,000 3.000 60,000 7,500 11,000 Gibco budgets 4,200 hours of paint time in 2019 and will charge a profit of $10 per hour on the labour rate, in addition to a 25% mark-up on the cost of paint. On...
just e8.9
5.200 24UR The company desin eted for 7.600 hours of repair Total budgeted costs $281.200 $75,500 "pany desires a $30 profit margin per hour of labor and a 20% profit margin on parts. It has budg- Po hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2020 will be $400,000. Instructions a. Compute the rate charged per hour of labor. Compute the material loading percentage. (Round to...
Practice Problem 1
Sutton’s Electronic Repair Shop has budgeted the following time and
material for 2020.
SUTTON’S
ELECTRONIC REPAIR SHOP
Budgeted Costs for the Year 2020
Time
Charges
Material Loading
Charges
Shop employees’ wages and
benefits
$99,640
―
Parts manager’s salary and
benefits
―
$25,400
Office employee’s salary and
benefits
17,860
13,360
Overhead (supplies, depreciation,
advertising, utilities)
28,200
19,380
Total budgeted costs
$145,700
$58,140
Sutton’s budgets 4,700 hours of repair time in 2020 and will bill a
profit of $14...
Question 9 View Policies Current Attempt in Progress Waterways uses time and material pricing when it bids on irrigation projects. Budgeted data for the coming year are as follows. WATERWAYS CORPORATION Budgeted Costs for Irrigation Projects Material Time Loading Charges Charges Labor wages (5900 hours) $237770 Supervisor's salary $61000 Clerical and accountant wages 63130 4000 Irrigation supplies manager 41000 Overhead 54280 22050 Total $355180 $128050 Waterways has budgeted for 5900 labor hours. It desires a $13 profit margin per hour...
Practice Problem 1 Sutton's Electronic Repair Shop has budgeted the following time and material for 2020. SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Time Charges Material Loading Charges Shop employees' wages and benefits $101,050 Parts manager's salary and benefits $25,400 Office employee's salary and benefits 20,210 17,650 Overhead (supplies, depreciation, advertising, utilities) 24,440 16,800 Total budgeted costs $145,700 $59,850 Sutton's budgets 4,700 hours of repair time in 2020 and will bill a profit of $14 per labor...
Sutton's Electronic Repair Shop has budgeted the followingg time and material for 2020. SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Material Loading Charges Time Charges $118,800 Shop employees' wages and benefits Parts manager's salary and benefits $25,400 21,600 15,400 Office employee's salary and benefits 27,000 17,340 Overhead (supplies, depreciation, advertising, utilities) $167,400 $58,140 Total budgeted costs Sutton's budgets 5,400 hours of repair time in 2020 and will bill a profit of $14 per labor hour along with...
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