Forrest Painting Service has budgeted the following time and materials costs for 2016: Time Material
Charges Charges
$23,000 S36,000
Painters' wages and benefits 36000
Service manager's salary and benefits 23000
Office employees' salaries and bernefits 12000 3000
Overhead costs 16000 8500
Total Budgeted Costs 64,000 34,500
1. Forrest budgets 4,000 hours of paint time and desires a $12 per hour profit. They estimate the cost of paint for the coming year to be $50,000 and they desire an additional 25% profit on the cost of paint. Compute the labor rate for 2016.
2. Forrest budgets 4,000 hours of paint time and desires a $12 per hour profit. They estimate the cost of paint for the coming year to be $50,000 and they desire an additional 25% profit on the cost of the paint. What is the material loading charge for 2016? Type in your answer as a decimal not a percentage. For example .35 not 35%
3. What would the estimated price for a job requiring 12 labor hours and paint costing $500?

Which of the following pairs is most similar to each other?

Accublade castings inc. casts blades for turbine engines. within the casting department, alloy is first melted in a crucible, then poured into molds to produce the castings. on may 1, there were 230 pounds of alloy in process, which were 60% complete as to conversion. the work in process balance for these 230 pounds was $32,844, determined as follows: exercises during may, the casting department was charged $350,000 for 2,500 pounds of alloy and $19,840 for direct labor. factory overhead is applied to the department at a rate of 150% of direct labor. the department transferred out 2,530 pounds of finished castings to the machining department. the may 31 inventory in process was 44% complete as to conversion. prepare the following may journal entries for the casting department: the materials charged to production the conversion costs charged to production the completed production transferred to the machining department determine the work in process"casting department may 31 balance.

9. tax types: taxes are classified based on whether they are applied directly to income, called direct taxes, or to some other measurable performance characteristic of the firm, called indirect taxes. identify each of the following as a “direct tax,” an “indirect tax,” or something else: a. corporate income tax paid by a japanese subsidiary on its operating income b. royalties paid to saudi arabia for oil extracted and shipped to world markets c. interest received by a u.s. parent on bank deposits held in london d. interest received by a u.s. parent on a loan to a subsidiary in mexico e. principal repayment received by u.s. parent from belgium on a loan to a wholly owned subsidiary in belgium f. excise tax paid on cigarettes manufactured and sold within the united states g. property taxes paid on the corporate headquarters building in seattle h. a direct contribution to the international committee of the red cross for refugee relief i. deferred income tax, shown as a deduction on the u.s. parent’s consolidated income tax j. withholding taxes withheld by germany on dividends paid to a united kingdom parent corporation