Work the following pricing problems for services rendered. (round to tenths.)

labor rate = $8.00 per hour
labor time = 6 hours
retail price of parts = $0
total job cost = $86.00
overhead rate?

Overhead rate = $6.3

Step-by-step explanation:

Given : Labor rate = $8.00 per hour

Labor time = 6 hours

Retail price of parts = $0

Total job cost = $86.00

To find : Overhead rate

Solution:

Overhead cost =  Total Cost - The cost of all inputs

The Overhead Rate is this number divided by total labor hours.

Total job cost = $86.00

Labor Cost = labor rate × labor time = 8 × 6 = $48

Retail price of parts:$0

Overhead Costs = total cost - labor cost= $86 - $48 = $38

Now, we divided overhead cost by labor hours to get overhead rate,

Overhead Rate 

Therefore, Overhead rate is $6.3

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