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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

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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

Answer: $11.55

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