Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Waterways uses time and material pricing when it bids on irrigation projects, Budgeted data for the coming year are as follows. Time WATERWAYS CORPORATION Budgeted
Waterways uses time and material pricing when it bids on irrigation projects, Budgeted data for the coming year are as follows. Time WATERWAYS CORPORATION Budgeted Costs for Irrigation Projects Material Loading Charges Charges Labor wages (5,700 hours) $238,830 Supervisor's salary $58,000 Clerical and accountant wages 62,130 4,000 Irrigation supplies manager 40,000 Overhead 53,010 20,220 Total $353,970 $122,220 Waterways has budgeted for 5,700 labor hours. It desires a $13 profit margin per hour of labor and 16% profit on materials. It estimates the total invoice cost of materials in the coming year will be $630,000. Compute the rate per hour of labor. (Round answer to 2 decimal places, e.g. 52.75.) Labor rate per hour Compute the material loading charge. (Round answer to 2 decimal places, e.g. 52.75%) Material loading charge Waterways has received a request for a bid to do a parkway for the city. The irrigation manager estimates that it will take about a month to complete the project and require 450 hours of labor and $79,000 of materials. Compute the total estimated bid for the parkway project. (Round answer to decimal places, e.g. 5,275.) Total estimated bid for the parkway project LINK TO TEXT
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started