Please help asap. I\'ll be giving positive ratings, but please only answer if yo
ID: 2432063 • Letter: P
Question
Please help asap. I'll be giving positive ratings, but please only answer if you're certain of the answer. Thank you! If you could also show work that would be good.Forrest Painting Service has budgeted the following time and materials costs for 2016: Time Material ChargesCharges Painters' wages and benefits Service manager's salary and benefits Office employees' salaries and bernefits Overhead costs Total Budgeted Costs $36,000 S23,000 12,000 16,000 3,000 8,500 $64,000 $34,500 1. Forrest budgets 4,000 hours of paint time and desires a S12 per hour profit. They estimate the cost of paint for the coming year to be $50,000 and they desire an additional 25% profit on the cost of paint. Compute the labor rate for 2016. 2. Forrest budgets 4,000 hours of paint time and desires a S12 per hour profit. They estimate the cost of paint for the coming year to be $50,000 and they desire an additional 25% profit on the cost of the paint, what is the material loading charge for 2016? Type in your answer as a decimal not a percentage. For example .35 not 35% 3. What would the estimated price for a job requiring 12 labor hours and paint costing S500?
Explanation / Answer
Part 1 Cost Hours Cost/Hour Labour Cost Painters wages and benefits $ 36,000.00 4000 $ 9.00 Salaries $ 12,000.00 4000 $ 3.00 OH Cost $ 16,000.00 4000 $ 4.00 TOTAL COST $ 64,000.00 4000 $ 16.00 Profit margin $ 12.00 Rate charged per hour $ 28.00 Part 2 Cost Cost of Paint Material Loading Charge Service manager salary 23000 50000 46% Office employee salaty 3000 50000 6% OH Cost 8500 50000 17% Total Cost 34500 50000 69% Profit Margin 25% Material load charge 94% Part 3 Estimated Job Price Labour Charges 336 (12 hours x 28) Cost of Paint 500 Material Loading Charge 470 500 x 94% Total Price 1306
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