Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bonita's Electronic Repair Shop has budgeted the following time and material for 2020. Material Loading Charges BONITA'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year

image text in transcribed

Bonita's Electronic Repair Shop has budgeted the following time and material for 2020. Material Loading Charges BONITA'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Time Charges Shop employees' wages and benefits $118,800 Parts manager's salary and benefits Office employee's salary and benefits 21,600 Overhead (supplies, depreciation, advertising, utilities) 27.000 Total budgeted costs $167,400 $25.400 15,400 17.340 $58,140 Bonita's budgets 5,400 hours of repair time in 2020 and will bill a profit of $14 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, 2020, Bonita's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Bonita's estimates that this job will consume 8 hours of labor and $200 in parts. Compute the labor rate for Bonita's Electronic Repair Shop for the year 2020. (Round answer to 2 decimal places, e.g. 10.50.) Labour rate $ per hour e Textbook and Media Compute the material loading charge percentage for Bonita's Electronic Repair Shop for the year 2020. Material loading percentage e Textbook and Media Calculate the time-and-material price quotation for fixing the flat-screen TV. Total price of labor and material

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

13th Canadian Edition

1119740444, 9781119740445

More Books

Students also viewed these Accounting questions

Question

Why are employees considering union representation?

Answered: 1 week ago

Question

What is the total annual turnover rate?

Answered: 1 week ago