What is the planned profit for the year

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Reference no: EM133921529

Problem

Marko Painting has budgeted the following time-and-material for 2020: Budgeted Costs For 2020 Time Material Charges Charges Painters' wages and benefits $61,000 Service manager's salary and benefits $64,000 Office employee's salary and benefits $12,000 $5,500 Cost of paint $70,000 Overhead (supplies, utilities, etc.) $11,000 $7,500 Marko budgets 4,200 hours of paint time in 2020 and will charge a profit of $8 per hour on the labour rate, in addition to a 15% mark-up on the cost of paint. On February 15, 2020, Marko is asked to prepare a price estimate to paint a building. Marko estimates that this job will take 15 labour hours and $600 in paint.

Instructions

1. Calculate the labour rate for 2020.
2. Calculate the material loading charge rate for 2020.
3. What is the planned profit for the year? Get the instant assignment help.
4. Prepare a time-and-materials price estimate for painting the building.

Reference no: EM133921529

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