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Labor rate, including fringe benefits$47per labor hourAnnual labor hours 11,100hoursAnnual materials (parts) purchases$2,110,000 Annual overhead costs: Materials purchasing, handling, and storage$422,000 Other overhead (depreciation, insurance, taxes, rent)$177,600 Target profit margin (on both labor and materials) 30%
1. Compute the price (rate) per hour of direct labor.
2. Compute the materials markup (in %).
3. What price should the company quote for a job requiring five labor hours and $690 in parts?
Questions To Answer
1. Total labor rate per hour
2. Materials markup
3. Total price quote
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