Compute the material loading charge percentage for Sutton’s Electronic Repair Shop for the year 2020.
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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 | $118,800 | ― | ||||||
Parts manager’s salary and benefits | ― | $25,400 | ||||||
Office employee’s salary and benefits | 20,520 | 13,990 | ||||||
28,080 | 20,200 | |||||||
Total budgeted costs | $167,400 | $59,590 |
Sutton’s budgets 5,400 hours of repair time in 2020 and will bill a profit of $14 per labor hour along with a 21% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $101,000.
On January 5, 2020, Sutton’s is asked to submit a price estimate to fix a 72-inch flat-screen TV. Sutton’s estimates that this job will consume 9 hours of labor and $300 in parts.
Compute the material loading charge percentage for Sutton’s Electronic Repair Shop for the year 2020.
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- Sutton’s Electronic Repair Shop has budgeted the following time and material for 2020. SUTTON’S ELECTRONIC REPAIR SHOPBudgeted Costs for the Year 2020 Time Charges Material Loading Charges Shop employees’ wages and benefits $118,800 ― Parts manager’s salary and benefits ― $25,400 Office employee’s salary and benefits 20,520 13,990 Overhead (supplies, depreciation, advertising, utilities) 28,080 20,200 Total budgeted costs $167,400 $59,590 Sutton’s budgets 5,400 hours of repair time in 2020 and will bill a profit of $14 per labor hour along with a 21% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $101,000.On January 5, 2020, Sutton’s is asked to submit a price estimate to fix a 72-inch flat-screen TV. Sutton’s estimates that this job will consume 9 hours of labor and $300 in parts. (a) Compute the labor…2. AP Sutton's Electronic Repair Shop has budgeted the following time and material for 2020. d Sutton's Electronic Repair Shop Budgeted Costs for the Year 2020 Time Charges Material Loading Charges Aatici, Shop employees' wages and benefits $108,000 Parts manager's salary and benefits $25,400 - Office employee's salary and benefits 13,600 23,500 Overhead (supplies, depreciation, advertising, utilities) 26,000 16,000 Total budgeted costs Sutton's budgets 5,000 hours of repair time in 2020 and will bill a profit of $10 per labor hour along with a 25% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $100,00o. $157,500 $55,000 ect 15 On January 5, 2020, Sutton's is asked to submit a price estimate to fix a 72-inch flat- screen TV. Sutton's estimates that this job will consume 4 hours of labor and $200 in parts. Instructions a. Compute the labor rate for Sutton's Electronic Repair Shop for the year 2020. b. Compute the material loading charge…Gibco Service has budgeted the following time-and-material for 2019: Budgeted Costs For 2019 Time Material Charges Charges Painters' wages and benefits $54,000 Service manager's salary and benefits $44,000 Office employee's salary and benefits 7,400 6,000 Cost of paint 50,000 Overhead (supplies, utilities, etc.) 14,000 22,000 Gibco budgets 2,000 hours of paint time in 2019 and will charge a profit of $8 per hour on the labour rate, in addition to a 12% mark-up on the cost of paint. On February 15, 2019, Gibco is asked to prepare a price estimate to paint a building. Gibco estimates that this job will take 25 labour hours and $900 in paint. 1.Calculate the material loading charge rate % for 2019 2. What is the planned profit for the year? Do not enter $ or commas.
- Sandhill Painting Service has budgeted the following time and material for 2022: BUDGETED COSTS FOR 2022 Time Charges $35,280 Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint Overhead (supplies, utilities, etc.) Total budgeted costs 11,760 15,680 $62,720 Material Charges $22,540 2,940 49,000 8,330 $82,810 Sandhill budgets 4,000 hours of paint time in 2022 and will charge a profit of $12.00 per hour in addition to a 20% markup on the cost of paint. On February 15, 2022, Sandhill is asked to prepare a price estimate to paint a small building Sandhill estimates that i this job will take 12 labor hours and $490.00 in paint.Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint BUDGETED COSTS FOR 2022 Time Charges $35,280 Overhead (supplies, utilities, etc.) Total budgeted costs (a1) 11,760 15,680 $62,720 Labor rate Material Charges $22,540 2.940 Sandhill budgets 4,000 hours of paint time in 2022 and will charge a profit of $12.00 per hour in addition to a 20% markup on the cost of paint. 49,000 8,330 $82,810 On February 15, 2022, Sandhill is asked to prepare a price estimate to paint a small building Sandhill estimates that this job will take 12 labor hours and $490.00 in paint. Compute the labor rate for 2022. (Round answer to 2 decimal places, e.g. 52.75.)Carla Vista Remanufacturing rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 are available for Carla Vista: Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs (a) Rate charged $ Time Charges Material Loading Charges $245,830 Calculate the rate charged per hour of labour. eTextbook and Media Save for Later 47,580 31,720 $325,130 The company wants a $30 profit margin per hour of labour and a 25% profit margin on parts. It has budgeted for 7,930 hours of repair time in the coming year and estimates that the total invoice cost of parts and materials in 2022 will be $388,000. $36,860 16,490 per hour 25,220 $78,570 Attempts: 0 of 2 used Submit Answer
- Bonita Industries has the following budgeted costs for the next year: Time Charges Material Charges Shop employee' wages and benefits $130000 $ - Parts manager's salary and benefits - 45000 Office employee's salary and benefits 35000 25000 Other overhead 15000 55000 Invoice cost of parts and materials - 420000 Total budgeted costs $180000 $545000 The labor rate to be used next year assuming 7500 hours of repair time and a profit margin of $25 per labor hour isOriole Remanufacturing rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 are available for Oriole: Time Charges Material Loading Charges Technicians' wages and benefits $260,700 Parts manager's salary and benefits $36,960 Office employee's salary and benefits 63,200 16,720 Other overhead 23,700 25,520 Total budgeted costs $347,600 $79,200 The company wants a $35 profit margin per hour of labour and a 30% profit margin on parts. It has budgeted for 7,900 hours of repair time in the coming year and estimates that the total invoice cost of parts and materials in 2022 will be $352,000. (a) Your answer is correct. Calculate the rate charged per hour of labour. Rate charged eTextbook and Media 79 per hour Attempts: 1 of 2 used (b) Calculate the material loading percentage. (Round answer to 3 decimal places, e.g. 15.251%.) Material loading percentage eTextbook and Media Save for Later % Attempts: 0 of 2 used Submit AnswerIvanhoe Remanufacturing rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 are available for Ivanhoe: Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs (a) Rate charged Time Charges $175,000 The company wants a $30 profit margin per hour of labour and a 20% profit margin on parts. It has budgeted for 7,000 hours of repair time in the coming year and estimates that the total invoice cost of parts and materials in 2022 will be $350,000. Calculate the rate charged per hour of labour. tA 35,000 14,000 $224,000 $ Material Loading Charges per hour $33,250 8,750 17,500 $59,500
- Shalom Company's Manufacturing Overhead budget for the second quarter of 2023 includes: Budgeted variable overhead rate per direct labor hour P5 Budgeted monthly fixed overhead per month 191,000 Upon further review, you found the following details of the company's fixed overhead: Depreciation of factory equipment Factory taxes Depreciation of factory machines Factory supplies Factory rent Salaries of factory maintenance Salaries of plant managers 5,000 6,000 10,000 20,000 30,000 45,000 75,000 Amounts must be in whole numbers. Example: 88,000 or (88,000) What is the total budgeted cash payment in June if the budgeted direct labor hours were 12,000?Blue Spruce Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 is available for Blue Spruce. Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead (a) Total budgeted costs Compute the rate charged per hour of labor. Time Charges $202,800 Labor rate $ 39,000 7,800 $249,600 The company desires a $39 profit margin per hour of labor and a 28% profit margin on parts. It has budgeted for 7,800 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2022 will be $416,000. Material Loading Charges per hour $39,300 14,780 29,120 $83,200Gump Painting Service has budgeted the following time and material for 2016: BUDGETED COSTS FOR 2016 Time Material Charges Charges Painters’ wages and benefits $ 36,000 Service manager’s salary and benefits $23,000 Office employee’s salary and benefits 12,000 3,000 Cost of paint 50,000 Overhead (supplies, utilities, etc.) 16,000 8,500 Total budgeted costs $64,000 $84,500 Gump budgets 4,000 hours of paint time in 2016 and will charge a profit of $12 per hour, in addition to a 25% markup on the cost of paint. On February 15, 2016, Gump is asked to prepare a price estimate to paint a building. Gump estimates that this job will take 12 labor hours and $500 in paint. Instructions Compute the labor rate for 2016. Compute the material loading charge rate for 2016. Prepare a time-and-material price estimate for painting the building.