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Silver Spoon Service repairs commercial food preparation equipment. The following budgeted cost data is available for 2016:
Silver Spoon Service repairs commercial food preparation equipment. The following budgeted cost data is available for 2016:
Time ChargesMaterial ChargesTechnicians' wages and benefits$500,000Parts manager's salary and benefits$72,000Office manager's salary and benefits112,00018,000Other overhead48,000135,000Total budgeted costs$660,000$225,000
Silver Spoon has budgeted for 10,000 hours of technician time during the coming year. It desires a $54 profit margin per hour of labor and a 40% profit margin on parts. Silver Spoon estimates the total invoice cost of parts and materials in 2016 will be $500,000.
Compute the rate charged per hour of labor.
Rate charged per hour of labor$
Compute the material loading charge.
Material loading charge
%
Silver Spoon has received a request from Lime Corporation for an estimate to repair a commercial fryer. The company estimates that it would take 20 hours of labor and $8,000 of parts. Compute the total estimated bill.
Total estimated bill$
