Current Attempt in Progress Cullumber's Electronic Repair Shop has budgeted the following time and material for 2022: Time Charges Material Charges Shop employees' wages and benefits $109,270 $0 Parts manager's salary and benefits 22,400 Office employee's salary and benefits 21,070 14,400 Invoice cost of parts used 100,000 Overhead (supplies, amortization, advertising, utilities) 29,400 17,000 Total budgeted costs $159,740 $ 153,800 Cullumber's budgets 4,900 hours of repair time in 2022 and will bill a profit of $6 per labour hour along with a 24% profit markup on the invoice cost of parts. On January 5, 2022, Cullumber's is asked to submit a price estimate to fix a 72-inch big-screen TV. Cullumber's estimates that this job will consume 23 hours of labour and $620 in parts and materials. (a) * Your answer is incorrect. Calculate the labour rate for Cullumber's Electronic Repair Shop for the year 2022. (Round answer to 2 decimal places, e.g. 15.25.) Labour rate $ 42.03 eTextbook and Media Save for Later Attempts: 1 of 2 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attempt 1Current Attempt in Progress Cullumber Corporation needs to set a target price for its newly designed product EverRun. The following data relate to this new product: Per Unit Total Direct materials $22 Direct labour 44 Variable manufacturing overhead 10 Fixed manufacturing overhead $1,764,000 Variable selling and administrative expenses 7 Fixed selling and administrative expenses 1,146,600 The costs above are based on a budgeted volume of 88,200 units produced and sold each year. Cullumber uses cost-plus pricing to set its target selling price. Because some managers prefer the absorption-cost approach and others prefer the variable-cost approach, the accounting department provides information under both approaches, using a markup of 50% on the manufacturing cost per unit and a markup of 75% on the variable cost. (a) Your answer is correct. Calculate the target price for one unit of Ever Run using the absorption-cost approach. (Round answer to 2 decimal places, e.g. 15.25.) Target selling price $ 144.00 eTextbook and Media List of Accounts Attempts: 1 of 2 used Using multiple attempts will impact your score. 10% score reduction after attempt 1 (b) Calculate the target price for one unit of EverRun using the variable-cost approach. (Round answer to 2 decimal places, e.g. 15.25.) Target selling price $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attempt 1