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Ignatenko's Custom Electronics (ICE) sells and installs complete security, computer, audio, and video systems for homes. On newly constructed homes it provides bids using time-and-material pricing. The following budgeted cost data are available.
Time Charges
Material Loading Charges
Technicians' wages and benefits
$165,100
-
Parts manager's salary and benefits
$33,580
Office employee's salary and benefits
29,083
9,328
Other overhead
14,351
41,888
Total budgeted costs
$208,534
$84,796
The company has budgeted for 6,350 hours of technician time during the coming year. It desires a $37.72 profit margin per hour of labor and a 100% profit on parts. It estimates the total invoice cost of parts and materials in 2014 will be $680,000.
Compute the rate charged per hour of labor.
Labor rate
$
per hour
Compute the material loading percentage.
Material loading percentage
%
ICE has just received a request for a bid from Buil Builders on a $1,205,000 new home. The company estimates that it would require 81 hours of labor and $38,000 of parts. Compute the total estimated bill.
Total estimated bill
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