Question
Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2017 is...
Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2017 is available for Second Chance. Material Loading Charges Charges Time Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhcad Total budgeted costs 192,400 44,400 266,4007515 $40,600 7,321 600 27230 The company desires a $34.00 profit margin per hour of labor and a 20.00% profit margin on parts. It has budgeted for 7,400 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2017 will be $389,000. ▼ (a) Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 10.50.) Labor rate per hour
Answers
Total budgeted cost - $266,400
Budgeted hours - 7,400 hours
Labour rate = 266,400 / 7,400 = $36.00
Profit margin per hour = $34.00
Rate charged per hour of labour (labour rate) = $36 + $34 = $70.00
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