Help tutor Suppose that the allowance factorfor a job is 0.12, and the normaltime is 6.5 hours. What is thestandard time?

The term allowance factor is a measure of the additional time added to the normal time to account…

Answered: Suppose that the allowance factor for a…

Entrepreneurial Finance

6th Edition

ISBN:9781337635653

Author:Leach

Publisher:Leach

Chapter6: Managing Cash Flow

Section6.6: Conversion Period Ratios

Problem 2CC

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Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2020 is available for Second Chance. Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs Time Charges $221,200 39.500 23,700 $284,400 Material Loading Charges $40.200 6,840 23.040 $70,080 The company desires a $37 profit margin per hour of labor and a 20.00% profit margin on parts. It has budgeted for 7,900 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2020 will be $384.000.
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Suppose that the allowance factor for a job is 0.12, and the normal time is 6.5 hours. What is the standard time?