Hannon company | Accounting homework help

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Exercise 8-9

Ignatenko’s Custom Electronics (ICE) sells and installs complete security, computer, audio, and video systems for homes. On newly constructed homes it provides bids using time-and-material pricing. The following budgeted cost data are available.

  

 

Time Charges

 

Material Loading Charges

   

Technicians’ wages and benefits

$181,720

 

 

–       

 

 
 

Parts manager’s salary and benefits

–       

 

 

$33,670

 

 
 

Office employee’s salary and benefits

26,804

 

 

5,980

 

 
 

Other overhead 

18,107

 

 

37,050

 

 
 

Total budgeted costs

$226,631

 

 

$76,700

 

 


The company has budgeted for 6,490 hours of technician time during the coming year. It desires a $37.46 profit margin per hour of labor and a 100% profit on parts. It estimates the total invoice cost of parts and materials in 2014 will be $650,000.

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