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Problem 8-3A (Part Level Submission) Sutton's Electronic Repair Shop has budgeted the following time and material for 2017 SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for
Problem 8-3A (Part Level Submission) Sutton's Electronic Repair Shop has budgeted the following time and material for 2017 SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2017 Material Loading Charges Time Charges 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 $109,905 22,899 24,276 $157,080 $25,400 18,700 21,000 $65,100 Sutton's budgets 5,100 hours of repair time in 2017 and will bill a profit of $9 per labor hour along with a 22% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $105,000 On January 5, 2017, Sutton's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Sutton's estimates that this job will consume 7 hours of labor and $380 in parts. Compute the labor rate for Sutton's Electronic Repair Shop for the year 2017. (Round answer to 2 decimal places, e.g. 10.50.) Labour rate per hour Compute the material loading charge percentage for Sutton's Electronic Repair Shop for the year 2017 Material loading percentage Calculate the time-and-material price quotation for fixing the flat-screen TV. (Round answer to 2 decimal places, e.g. 10.50.) Total price of labor and material
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