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Jose's Electronic Repair Shop has budgeted the following time and material for 2014
Jose's Electronic Repair Shop has budgeted the following time and material for 2014.
Jose's Electronic Repair Shop Budgeted Costs for the Year 2014.
| Time Charges | Material Loading Charges | |
|---|---|---|
| Shop employees' wages and benefits | $105,339 | - |
| Parts manager's salary and benefits | - | $24,437 |
| Office employee's salary and benefits | 20,202 | 17,301 |
| Overhead (supplies, depreciation, advertising, utilities) | 23,088 | 19,342 |
| Total budgeted costs | $148,629 | $61,080 |
Jose's budgets 4,810 hours of repair time in 2014 and will bill a profit of $4 per labor hour along with a 30% profit markup on the invoice cost of parts.
The estimated invoice cost for parts to be used is $101,800.
On January 5, 2014, Jose's is asked to submit a price estimate to fix a 72-inch flat-screen TV.
Jose's estimates that this job will consume 17 hours of labor and $339 in parts.
1. Compute the labor rate for Jose's Electronic Repair Shop for the year 2014.
(Round answer to 2 decimal places, e.g. 10.50.)
| Labour rate | $ _per hour |
2. Compute the material loading charge percentage for Jose's Electronic Repair Shop for the year 2014.
| Material loading percentage | % |
3. Prepare a time-and-material price quotation for fixing the flat-screen TV.
(Round answers to 2 decimal places, e.g. 10.50.)
JOSE'S ELECTRONIC REPAIR SHOP
Time and Material Price Quotation
January 5, 2014
| Job: Fix big screen TV set | ||
| Labor charges | $ | |
| Material charges | ||
| Cost of parts and materials | $ | |
| Material loading charge | ||
| Total price of labor and material | $ |
Expert Solution
Total PriceParticularsWorkingsResults1.LABOUR HOUR RATE( $ 158852 / 5260 ) + $ 4$ 34.20 (billing rate)2.MATERIAL LOADING CHARGE %(59280 / 104000) X 10057% OF INVOICE COST OF PARTSTIME AND MATERIAL PRICE QUOTATION-3.JOB:FIX BIG SCREEN TV SETWORKINGSAMOUNTLabor Charges7hrs. X $ 34.20$239.40Matarial Charges-Cost of Parts and Materials$ 521 X 1.27$661.67-Material Loading Charges$ 521 X 57%$296.97Total Price$1,198.04
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