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Copy Center pays an average wage of $13 per hour to employees for printing and copying...

Copy Center pays an average wage of $13 per hour to employees for printing and copying jobs, and allocates $18 of overhead for each employee hour worked. Materials are assigned to each job according to actual cost. Jobs are marked up 15% above cost to determine the selling price. If Job M-47 used $355 of materials and took 20 hours of labor to complete, what is the selling price of the job?

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Answer #1

Selling price of the job = $1,121.25

Explanation

Total cost = Direct Materials + Direct Labor + Factory overhead

= $355 + ($13*20) + ($18*20)

= $355 + $260+ $360

= $975

Therefore, Selling price of the job = Total cost * 115%

= $975 * 115%

= $1,121.25

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