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12,000 7. Panther Painting Service has budgeted the following time and material for 2019: BUDGETED COSTS FOR 2019 Time Material Charges Charges Painters' wages and
12,000 7. Panther Painting Service has budgeted the following time and material for 2019: BUDGETED COSTS FOR 2019 Time Material Charges Charges Painters' wages and benefits $ 38,000 Service manager's salary and benefits $23,000 Office employee's salary and benefits 3,000 Cost of paint 60,000 Overhead (supplies, utilities, etc.) 16,000 8,500 Total budgeted costs $66,000 $94,500 Panther budgets 4,000 hours of paint time in 2019 and will charge a profit of $12 per hour, in addition to a 25% markup on the cost of paint. On February 15, 2019, Panther is asked to prepare a price estimate to paint the de Mille Hall. Panther estimates that this job will take 12 labor hours and $500 in paint. Instructions a. Compute the labor rate for 2019. b. Compute the material loading charge rate for 2019. (Hint: what is the activity?) c. Prepare a time-and-material bid price for painting the building
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