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The following data is available for Wheels ‘N Spokes Repair Shop for 2016: Repair technicians’ wages $360,000 Fringe benefits 80,000 Overhead 60,000 Total $500,000 The desired profit margin is $40 per labor hour. The material loading charge is 40% of invoice cost. It is estimated that 5,000 labor hours will be worked in 2016. Wheels ‘N Spokes’ labor charge per hour in 2016 would be

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Answer:

Wheels ‘N Spokes’ labor charge per hour in 2016 would be $616

Explanation:

Step 1 - Consider the following variables to calculate the bill for this repair

Step 2 - Set up the values of variables. ($500,000 ÷ 5,000) +$40=$140 per labor hours

Step 3. Solve. ($240 × 1.40) + ($140 × 2 hours ) = $616

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