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The following data is available for Chattanooga Spokes 'N Wheels Repair Shop for 2022: Repair technicians' wages $360,000 Fringe benefits Overhead Total 80,000 60,000 $500,000 The desired profit margin is $40 per labor hour. The material loading charge is 40% of parts invoice cost. It is estimated that 5,000 labor hours will be worked in 2022. In March 2022, Spokes 'N Wheels repairs a bicycle that takes two hours to repair and uses parts of $245. The bill for this repair would be Enter the amount to two decimal places. Dollar sign not needed.

The following data is available for Chattanooga Spokes 'N Wheels Repair Shop for 2022: Repair technicians' wages $360,000 Fringe benefits Overhead Total 80,000 60,000 $500,000 The desired profit margin is $40 per labor hour. The material loading charge is 40% of parts invoice cost. It is estimated that 5,000 labor hours will be worked in 2022. In March 2022, Spokes 'N Wheels repairs a bicycle that takes two hours to repair and uses parts of $245. The bill for this repair would be Enter the amount to two decimal places. Dollar sign not needed.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following data is available for Chattanooga Spokes 'N Wheels Repair Shop for 2022: Repair technicians' wages $360,000 Fringe benefits Overhead Total 80,000 60,000 $500,000 The desired profit margin is $40 per labor hour. The material loading charge is 40% of parts invoice cost. It is estimated that 5,000 labor hours will be worked in 2022. In March 2022, Spokes 'N Wheels repairs a bicycle that takes two hours to repair and uses parts of $245. The bill for this repair would be Enter the amount to two decimal places. Dollar sign not needed.
Transcribed Image Text:The following data is available for Chattanooga Spokes 'N Wheels Repair Shop for 2022: Repair technicians' wages $360,000 Fringe benefits Overhead Total 80,000 60,000 $500,000 The desired profit margin is $40 per labor hour. The material loading charge is 40% of parts invoice cost. It is estimated that 5,000 labor hours will be worked in 2022. In March 2022, Spokes 'N Wheels repairs a bicycle that takes two hours to repair and uses parts of $245. The bill for this repair would be Enter the amount to two decimal places. Dollar sign not needed.
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