Sarasota Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 is available for Sarasota.Technicians' wages and benefitsParts manager's salary and benefitsOffice employee's salary and benefitsOther overheadTotal budgeted costsTimeCharges$260,70055,30015,800$331,800MaterialLoadingCharges$40,30010,66029,120$80,080The company desires a $38 profit margin per hour of labor and a 24% profit margin on parts. It has budgeted for 7,900 hours of repairtime in the coming year, and estimates that the total invoice cost of parts and materials in 2022 will be $416,000. Compute the material loading percentage. (Round answer to 3 decimal places, e.g. 10.501%.)Material loading percentageeTextbook and Media* Your answer is incorrect.Total estimated bill $23.875277.4%Pace Corporation has requested an estimate to rebuild its spot welder. Sarasota estimates that it would require 35 hours of laborand $2,000 of parts. Compute the total estimated bill. (Round answer to 2 decimal places, e.g. 10.50.)Assistance Used

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Description: Sarasota Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 is available for Sarasota.Technicians' wages and benefitsParts manager's salary and benefitsOffice employee's salary and benefitsOther overheadTotal

The total cost of the company involves the material cost, labor cost and manufacturing overhead cost…

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Business

Accounting

Sarasota Welding rebuilds spot welders for manufacturers.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 7EB: A company estimates its manufacturing overhead will be $840,000 for the next year. What is the...

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A company estimates its manufacturing overhead will be $840,000 for the next year. What is the predetermined overhead rate given each of the following Independent allocation bases? Budgeted direct labor hours: 90,615 Budgeted direct labor expense: $750000 Estimated machine hours: 150,000
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Sutton’s Electronic Repair Shop has budgeted the following time and material for 2020. SUTTON’S ELECTRONIC REPAIR SHOPBudgeted Costs for the Year 2020 Time Charges Material Loading Charges Shop employees’ wages and benefits $118,800 ― Parts manager’s salary and benefits ― $25,400 Office employee’s salary and benefits 20,520 13,990 Overhead (supplies, depreciation, advertising, utilities) 28,080 20,200 Total budgeted costs $167,400 $59,590 Sutton’s budgets 5,400 hours of repair time in 2020 and will bill a profit of $14 per labor hour along with a 21% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $101,000.On January 5, 2020, Sutton’s is asked to submit a price estimate to fix a 72-inch flat-screen TV. Sutton’s estimates that this job will consume 9 hours of labor and $300 in parts. Calculate the time-and-material price quotation for fixing the…
Sutton’s Electronic Repair Shop has budgeted the following time and material for 2020. SUTTON’S ELECTRONIC REPAIR SHOPBudgeted Costs for the Year 2020 Time Charges Material Loading Charges Shop employees’ wages and benefits $118,800 ― Parts manager’s salary and benefits ― $25,400 Office employee’s salary and benefits 20,520 13,990 Overhead (supplies, depreciation, advertising, utilities) 28,080 20,200 Total budgeted costs $167,400 $59,590 Sutton’s budgets 5,400 hours of repair time in 2020 and will bill a profit of $14 per labor hour along with a 21% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $101,000.On January 5, 2020, Sutton’s is asked to submit a price estimate to fix a 72-inch flat-screen TV. Sutton’s estimates that this job will consume 9 hours of labor and $300 in parts. Compute the material loading charge percentage for Sutton’s Electronic…
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.