Open study

is now brainly

With Brainly you can:

  • Get homework help from millions of students and moderators
  • Learn how to solve problems with step-by-step explanations
  • Share your knowledge and earn points by helping other students
  • Learn anywhere, anytime with the Brainly app!

A community for students.

Labor time = 8 hours Overhead rate = 65% Retail price of parts = $98.70 Total cost of job = $242.58 What is hourly rate for labor? $ _________

Mathematics
See more answers at brainly.com
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

Join Brainly to access

this expert answer

SIGN UP FOR FREE
@JamesWolf can you help me with this problem
Do you know if "overhead rate" applies only to labor?
65%

Not the answer you are looking for?

Search for more explanations.

Ask your own question

Other answers:

I think you set this up like this: Total cost of job = (retail price of parts) + Labor cost + overhead amount We know the cost of the job and the retail price, but we need to solve for the labor rate per hour and we don't have the overhead amount, just the overhead percentage. So, first, let's use the costs we know: 242.58 = 98.70 + Labor Cost + Overhead Cost 144.08 = Labor Cost + Overhead Cost
Now, we need to use the info about overhead... overhead cost is 65% of the cost of labor. So we can say: Overhead Cost = 0.65(Labor Cost) Now rewrite the previous equation and substitute: 144.08 = Labor Cost + Overhead Cost 144.08 = Labor Cost + (0.65)(Labor Cost) Then simplify by adding the two labor cost terms: 144.08 = (1.65)Labor Cost Now you can solve for TOTAL labor cost. But you still need to divide by the 8 hour labor time to get the hourly rate.
I have to sign off for a bit... hope this helps. P.S. there is a small chance that the overhead rate of 65% applies to both labor cost and to the retail price of parts. I'm sure your class is math and not business accounting, so I don't really know how to know for sure what they wanted you to do, but I think overhead here just applies to labor, not to retail price of parts... that's the way I set it up above. Good luck...

Not the answer you are looking for?

Search for more explanations.

Ask your own question