Provided is the following data for Marina Bay, a boat repairshop.RepairsMaterial Loading Charges...Provided is...

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Accounting

Provided is the following data for Marina Bay, a boat repairshop.
Repairs
Material Loading Charges
Mechanics’ wages and benefits
$103,500
Parts manager’s salary and benefits
$11,500
Office employee’s salary and benefits
20,700
2,300
Other overhead (supplies, depreciation, property taxes,advertising, utilities)
26,800
14,400
Total budgeted costs
$151,000
$28,200
Employees worked 5,000 hours for repair work. Marina Bay desiresa profit margin of $8 per hour.
The total invoice cost of parts and materials used was $120,000.Marina Bay desires a 20% profit margin on the invoice cost of partsand materials.
Required
Using the time and material pricing
Calculate the rate that would be charged per hour of repairservice.
Calculate the materials loading charge that would be used inbilling jobs. The materials loading charge should be expressed as apercentage of the invoice cost.
Calculate the charge for a job that requires 50 hours of labourand $3,600 in parts and materials

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In: AccountingProvided is the following data for Marina Bay, a boat repairshop.RepairsMaterial Loading Charges...Provided is the following data for Marina Bay, a boat repairshop.RepairsMaterial Loading ChargesMechanics’ wages and benefits$103,500Parts manager’s salary and benefits$11,500Office employee’s salary and benefits20,7002,300Other overhead (supplies, depreciation, property taxes,advertising, utilities)26,80014,400Total budgeted costs$151,000$28,200Employees worked 5,000 hours for repair work. Marina Bay desiresa profit margin of $8 per hour.The total invoice cost of parts and materials used was $120,000.Marina Bay desires a 20% profit margin on the invoice cost of partsand materials.RequiredUsing the time and material pricingCalculate the rate that would be charged per hour of repairservice.Calculate the materials loading charge that would be used inbilling jobs. The materials loading charge should be expressed as apercentage of the invoice cost.Calculate the charge for a job that requires 50 hours of labourand $3,600 in parts and materials

	Repairs	Material Loading Charges
Mechanics’ wages and benefits	$103,500
Parts manager’s salary and benefits		$11,500
Office employee’s salary and benefits	20,700	2,300
Other overhead (supplies, depreciation, property taxes,advertising, utilities)	26,800	14,400
Total budgeted costs	$151,000	$28,200