Compute the following costs of services problems.
Hourly rate of labor = $12.00
Duration of job = 3 1/2 hours
Overhead rate = 66 2/3%
Price of parts = $112.50
Find total cost of job. $
182.5
To find the total cost of the job, we need to consider the cost of labor, the cost of overhead, and the cost of parts.
1. Cost of Labor:
The hourly rate of labor is $12.00, and the duration of the job is 3 1/2 hours. To calculate the cost of labor, multiply the hourly rate by the duration:
Cost of labor = Hourly rate * Duration
= $12.00 * 3.5 hours
= $42.00
2. Cost of Overhead:
The overhead rate is given as 66 2/3%. To find the cost of overhead, multiply the overhead rate by the cost of labor:
Cost of overhead = Overhead rate * Cost of labor
= (66 2/3 / 100) * $42.00
= (2/3) * $42.00
= $28.00
3. Cost of Parts:
The price of parts is given as $112.50.
Now, add up the cost of labor, cost of overhead, and cost of parts to get the total cost of the job:
Total cost of job = Cost of labor + Cost of overhead + Cost of parts
= $42.00 + $28.00 + $112.50
= $182.50
Therefore, the total cost of the job is $182.50.
To find the total cost of the job, we need to calculate the cost of labor, overhead, and parts separately and then add them together.
1. Cost of Labor:
Hourly rate of labor = $12.00
Duration of job = 3 1/2 hours
To find the cost of labor, multiply the hourly rate by the duration of the job:
Cost of labor = Hourly rate × Duration of job
= $12.00/hour × 3 1/2 hours
= $12.00/hour × 7/2 hours
= $84.00
2. Cost of Overhead:
Overhead rate = 66 2/3%
To find the cost of overhead, multiply the overhead rate by the cost of labor:
Cost of overhead = Overhead rate × Cost of labor
= 66 2/3% × $84.00
= (66.67/100) × $84.00
= $55.98
3. Cost of Parts:
Price of parts = $112.50
4. Total Cost:
To find the total cost of the job, add the costs of labor, overhead, and parts together:
Total cost = Cost of labor + Cost of overhead + Cost of parts
= $84.00 + $55.98 + $112.50
= $252.48
Therefore, the total cost of the job is $252.48.