Work the following pricing problems for services rendered. (Round to tenths.)
2 answers:
Answer:
Overhead rate = $6.3
Step-by-step explanation:
Given : Labor rate = $8.00 per hour
Labor time = 6 hours
Retail price of parts = $0
Total job cost = $86.00
To find : Overhead rate
Solution:
Overhead cost = Total Cost - The cost of all inputs
The Overhead Rate is this number divided by total labor hours.
Total job cost = $86.00
Labor Cost = labor rate × labor time = 8 × 6 = $48
Retail price of parts:$0
Overhead Costs = total cost - labor cost= $86 - $48 = $38
Now, we divided overhead cost by labor hours to get overhead rate,
Overhead Rate
Therefore, Overhead rate is $6.3
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Answer:
$2000 was invested at 5% and $5000 was invested at 8%.
Step-by-step explanation:
Assuming the interest is simple interest.
<u>Simple Interest Formula</u>
I = Prt
where:
- I = interest earned.
- P = principal invested.
- r = interest rate (in decimal form).
- t = time (in years).
Given:
- Total P = $7000
- P₁ = principal invested at 5%
- P₂ = principal invested at 8%
- Total interest = $500
- r₁ = 5% = 0.05
- r₂ = 8% = 0.08
- t = 1 year
Create two equations from the given information:
Rewrite Equation 1 to make P₁ the subject:
Substitute this into Equation 2 and solve for P₂:
Substitute the found value of P₂ into Equation 1 and solve for P₁:
$2000 was invested at 5% and $5000 was invested at 8%.
Learn more about simple interest here: