Sheridan Remanufacturing rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 are available for Sheridan: Time Charges Material Loading Charges Technicians' wages and benefits $205,240 Parts manager's salary and benefits $49,320 Office employee's salary and benefits 43,980 20,550 Other overhead 14,660 20,550 Total budgeted costs $263,880 $90,420 The company wants a $35 profit margin per hour of labour and a 30% profit margin on parts. It has budgeted for 7,330 hours of repair time in the coming year and estimates that the total invoice cost of parts and materials in 2022 will be $411,000.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Calculate the material loading percentage (ROUND ANSWER TO 3 DECIMAL PLACE)
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