Time and Material Pricing - checking work

3. Time and Material Pricing Labor Charge + Materials Loading Charge + Materials Used (a) Estimates: Labor: $325,000; Hours: 25,000; Loading Charges: $240,500; Materials: $325,000 **Company desires a profit of $25 per labor hour and 20% profit on materials Step 1: Labor Rate Step 2: Materials Loading Charge Step 3: Calculate the cost of a job: Job 190 requires: 45 labor hours and $6,500 of materials Cost of Job 190: (b) Estimates: Labor: $630,000; Hours: 42,000: Loading Charges: $292,500; Materials: $450,000; Company desires $24 per hour profit along with 27% profit on materials Step 1: Labor Rate: Step 2: Materials Loading Charge Step 3: Calculate the cost of a job: Job 101 requires: 25 hours of labor and $16,500 in materials Cost of Job 101