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can anyone help me to solve this question? P8.3 (LO 3), AP Service Marin's Electronic Repair Shop has budgeted the following time and material for
can anyone help me to solve this question?
P8.3 (LO 3), AP Service Marin's Electronic Repair Shop has budgeted the following time and material for 2020. Marin's Electronic Repair Shop Budgeted Costs for the Year 2020 Time Charges Material Loading Charges 108,000 25,400 13,600 Shop employees' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Overhead (supplies, depreciation, advertising, utilities) Total budgeted costs 23,500 26,000 157,500 16,000 55,000 Marin'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 100,000 On January 5, 2020, Marin's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Marin's estimates that this job will consume 4 hours of labor and 200 in parts. Instructions a. Compute the labor rate for Marin's Electronic Repair Shop for the year 2020. b. Compute the material loading charge percentage for Marin's Electronic Repair Shop for the year 2020. c. Prepare a time-and-material price quotation for fixing the flat-screen TV Step by Step Solution
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