8-3A

Suttons Electronic Repair Shop has budgeted the following time and material for 2017. Sutton's budgets 5, 200 hours of repair time in 2017 and will bill a profit of $12 per labor hour along with a 24% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $102.000. On January 5, 2017, 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 $290 in parts. Compute the labor rate for Sutton's Electronic Repair Shop for the year 2017. (Round answer to 2 decimal places, e.g. 10.50.) Compute the material loading charge percentage for Sutton's Electronic Repair Shop for the year 2017. Calculate the time-and-material price quotation for fixing the flat-screen TV. (Round answer to 2 decimal places, e.g. 10.50.)