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Determine the total price of labor and materials on a job that was completed after the fire that required 146 hours of labor and $64,600
Determine the total price of labor and materials on a job that was completed after the fire that required 146 hours of labor and $64,600 in parts and materials. Total price Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Material Time Loading Charges Charges Restorers' wages and fringe benefits $264,000 Purchasing agent's salary and fringe benefits $82,140 Administrative salaries and fringe benefits 60,000 21,700 Other overhead costs 12,000 77.880 Total budgeted costs $336,000 $181,720 The company anticipated that the restorers would work a total of 12,000 hours this year. Expected parts and materials were $1,298,000. In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labor rate was $68 and that the material loading charge was 83%
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