Wildhorse Painting Service has budgeted the following time and material for 2022:Painters' wages and benefitsService manager's salary and benefitsOffice employee's salary and benefitsCost of paintOverhead (supplies, utilities, etc.)Total budgeted costsBUDGETED COSTS FOR 2022Time Charges Material Charges$43,920Labor rate14,640$19,520$78,080Wildhorse budgets 4,000 hours of paint time in 2022 and will charge a profit of $12.00 per hour in addition to a 20% markup on thecost of paint.$28,0603,66061,00010,370$103,090On February 15, 2022, Wildhorse is asked to prepare a price estimate to paint a small building. Wildhorse estimates that this job willtake 12 labor hours and $610.00 in paint.Compute the labor rate for 2022. (Round answer to 2 decimal places, e.g. 52.75.) Compute the material loading charge rate for 2022.Material loading chargePrepare a time-and-material price estimate for painting the building. (Round answers to 2 decimal places, e.g. 52.75.)Labor chargesMaterial chargesCost of paintMaterial loading charge%Total price of labor and materials$

The total cost of the company involve the cost of direct material, labor and overhead cost incurred…

Wildhorse Painting Service has budgeted the following time and material for 2022: BUDGETED COSTS FOR 2022 Time Charges $43,920 Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint Overhead (supplies, utilities, etc.) Total budgeted costs 14,640 19,520 $78,080 Material Charges $28,060 3,660 61,000 10,370 $103,090

Wildhorse Painting Service has budgeted the following time and material for 2022: BUDGETED COSTS FOR 2022 Time Charges $43,920 Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint Overhead (supplies, utilities, etc.) Total budgeted costs 14,640 19,520 $78,080 Material Charges $28,060 3,660 61,000 10,370 $103,090

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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