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Michael McNamara and Gregory Lau met while in university and always knew they wanted to be in business together. Shortly after university Michael went to work for a large mulinational firm while Gregory pursued an MBA.
Other information follows about the firm's current annual revenues and costs:
Firm volume in hours (normal) 30,750
Fixed costs$575,000
Variable cost$35/hr Should the firm win the contract, the audits of the three municipalities will require 900 hours of expected work. As a side note, Michael McNamara is adamant that fixed costs should be considered for this short term bid. Gregory Lau argues that they should be disregarded for short-term decision making. Required:
Problem 1. If the Rose Femia's expectations are correct, what is the lowest bid the firm can submit and still expect to increase annual net income? What would be the hourly billing rate for the county audit jobs just to break even on all the new business? (Round "Average billing rate" answer to 2 decimal places.) Problem 2. If the contract is obtained at a price of $44,500, what is the minimum number of hours of new business in addition to the municipality work that must be obtained for the firm to break even on total new business? What is the margin of safety (MOS) regarding the municipality job audit proposal?
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