Forrest Painting Service Has Budgeted the Following Time and Material

question 56

Essay

Forrest Painting Service has budgeted the following time and material for 2016:
Forrest budgets 4,000 hours of paint time in 2016 and will charge a profit of $12 per hour, in addition to a 25% markup on the cost of paint.
On February 15, 2016, Forrest is asked to prepare a price estimate to paint a building. Forrest estimates that this job will take 12 labor hours and $500 in paint.
Instructions
1. Compute the labor rate for 2016.
2. Compute the material loading charge rate for 2016.
3. Prepare a time-and-material price estimate for painting the building.

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Definitions:

Shahada

The Islamic declaration of faith, stating belief in the oneness of God and Muhammad as God's prophet, a central pillar of Islam.

Haj

An Islamic pilgrimage to Mecca that is required once in a lifetime for all Muslims who are physically and financially able to undertake the journey.

Arab Immigration

The process by which individuals from Arab countries move to live permanently in another country.

Palestinians

People originally from the historical Palestine region, who may live in the West Bank, Gaza Strip, Israel, or as part of a global diaspora.