Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oriole Company provides financial consulting and has collected the following data for the next years budgeted activity for a lead consultant. Consultants wages $95,000 Fringe

Oriole Company provides financial consulting and has collected the following data for the next years budgeted activity for a lead consultant.

Consultants wages

$95,000

Fringe benefits

$12,500

Related overhead

$17,500

Supply clerks wages

$17,000

Fringe benefits

$4,500

Related overhead

$20,000

Profit margin per hour

$20

Profit margin on materials

15%

Total estimated consulting hours

5,000

Total estimated material costs

$166,000

A consulting job takes 20 hours of consulting time and $180 of materials. The clients bill would be

Group of answer choices

$1,152

$1,080

$1,125

$972

2)

Sunland Company recently performed repair services for a customer that totaled $680. Somehow the bill was lost and the company accountant was trying to recreate the bill from memory. This is what was remembered:

Total bill

$680

Labor profit margin

10

Materials profit margin

20%

Total labor charges

$470

Cost of materials used

$120

Total hourly cost

$22.5

What was the material loading % used?

Group of answer choices

75%

40%

90%

20%

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

Step: 3

blur-text-image

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

More Books

Students also viewed these Accounting questions