Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE SHOW WORK AND BE CORRECT HH Auto Repair reports the following information for the coming year. $ 44 per labor hour 10,800 hours $2,080,000

PLEASE SHOW WORK AND BE CORRECT

image text in transcribed

HH Auto Repair reports the following information for the coming year. $ 44 per labor hour 10,800 hours $2,080,000 Labor rate, including fringe benefits Annual labor hours Annual materials (parts) purchases Annual overhead costs: Materials purchasing, handling, and storage Other overhead (depreciation, insurance, taxes, rent) Target profit margin (on both labor and materials) $ $ 332,800 194,400 34 % 1. Compute the price (rate) per hour of direct labor. 2. Compute the materials markup (in %). 3. What price should the company quote for a job requiring four labor hours and $660 in parts? 1. Total labor rate per hour 2. Materials markup 3. Total price quote

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

Wiley CPA Exam Review Auditing And Attestation 2011

Authors: Patrick R. Delaney, O. Ray Whittington

8th Edition

0470554347, 978-0470554340

More Books

Students also viewed these Accounting questions

Question

Discuss consumer-driven health plans.

Answered: 1 week ago