uttons Electronic Repair Shop has budgeted the following time and material for 2020. SUTTONS ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 | | | Time Charges | | Material Loading Charges | | Shop employees wages and benefits | | $100,740 | | | | | | | Parts managers salary and benefits | | | | | | $25,400 | | | Office employees salary and benefits | | 18,400 | | | | 16,600 | | | Overhead (supplies, depreciation, advertising, utilities) | | 23,460 | | | | 17,850 | | | Total budgeted costs | | $142,600 | | | | $59,850 | | | Suttons budgets 4,600 hours of repair time in 2020 and will bill a profit of $14 per labor hour along with a 20% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $105,000. On January 5, 2020, Suttons is asked to submit a price estimate to fix a 72-inch flat-screen TV. Suttons estimates that this job will consume 8 hours of labor and $300 in parts. | | | |