Work the following pricing problems for services rendered. (for all calculations use hundredths.) labor time = 6 1/2 hours overhead rate = 55% retail price of parts = $114.70 total cost of job = $231.08 what is hourly rate for labor? 11.55 27.75 32.55 137.64

Total cost of job=$231.08
Labor time= 6 1/2 = 6.5 hours
Overhead=55%
Retail price of parts=$114.70
Find the total cost of labor.
Total cost of labor= 231.08 - 114.70=$116.38
Now labor rate per hour ( with overhead)= 116.38 /6.5 =$17.90 per hour.

Now labor rate (without overhead) = 17.90/(1+55%) = 17.90/1.55 =$11.55

$11.55

Where’s the problems ? ?