Painters' wages and benefitsService manager's salary and benefitsOffice employee's salary and benefitsCost of paintBUDGETED COSTS FOR 2022TimeCharges$35,280Overhead (supplies, utilities, etc.)Total budgeted costs(a1)11,76015,680$62,720Labor rateMaterialCharges$22,5402.940Sandhill budgets 4,000 hours of paint time in 2022 and will charge a profit of $12.00 per hour in addition to a 20%markup on the cost of paint.49,0008,330$82,810On February 15, 2022, Sandhill is asked to prepare a price estimate to paint a small building Sandhill estimates thatthis job will take 12 labor hours and $490.00 in paint.Compute the labor rate for 2022. (Round answer to 2 decimal places, e.g. 52.75.)

Labor rate is the amount that is paid to individuals on the basis of hours under the contract…

Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint Overhead (supplies, utilities, etc.) Total budgeted costs BUDGETED COSTS FOR 2022 Time Charges $35.280 (a1) 11,760 Labor rate 15,680 $62,720 $ Material Charges Sandhill budgets 4,000 hours of paint time in Lo22 and will charge a profit of $12.00 per hour in addition to a 20% markup on the cost of paint. $22,540 2.940 49,000 8,330 On February 15, 2022, Sandhill is asked to prepare a price estimate to paint a small building Sandhill estimates that this job will take 12 labor hours and $490.00 in paint. $82,810 Compute the labor rate for 2022. (Round answer to 2 decimal places, e.g. 52.75.)

Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint Overhead (supplies, utilities, etc.) Total budgeted costs BUDGETED COSTS FOR 2022 Time Charges $35.280 (a1) 11,760 Labor rate 15,680 $62,720 $ Material Charges Sandhill budgets 4,000 hours of paint time in Lo22 and will charge a profit of $12.00 per hour in addition to a 20% markup on the cost of paint. $22,540 2.940 49,000 8,330 On February 15, 2022, Sandhill is asked to prepare a price estimate to paint a small building Sandhill estimates that this job will take 12 labor hours and $490.00 in paint. $82,810 Compute the labor rate for 2022. (Round answer to 2 decimal places, e.g. 52.75.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sandhill Painting Service has budgeted the following time and material for 2022: BUDGETED COSTS FOR 2022 Time Charges $35,280 Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint Overhead (supplies, utilities, etc.) Total budgeted costs 11,760 15,680 $62,720 Material Charges $22,540 2,940 49,000 8,330 $82,810 Sandhill budgets 4,000 hours of paint time in 2022 and will charge a profit of $12.00 per hour in addition to a 20% markup on the cost of paint. On February 15, 2022, Sandhill is asked to prepare a price estimate to paint a small building Sandhill estimates that i this job will take 12 labor hours and $490.00 in paint.
Gibco Service has budgeted the following time-and-material for 2019: Budgeted Costs For 2019 Time Material Charges Charges Painters' wages and benefits $54,000 Service manager's salary and benefits $44,000 Office employee's salary and benefits 7,400 6,000 Cost of paint 50,000 Overhead (supplies, utilities, etc.) 14,000 22,000 Gibco budgets 2,000 hours of paint time in 2019 and will charge a profit of $8 per hour on the labour rate, in addition to a 12% mark-up on the cost of paint. On February 15, 2019, Gibco is asked to prepare a price estimate to paint a building. Gibco estimates that this job will take 25 labour hours and $900 in paint. 1.Calculate the material loading charge rate % for 2019 2. What is the planned profit for the year? Do not enter $ or commas.
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