Yelk garage uses time and materials pricing. it is setting prices for next year using the following information: labor rate, including fringe benefits $ 63 per hour annual labor hours 3,100 hours annual materials purchases $ 836,000 materials purchasing, handling, and storage $ 41,800 overhead for depreciation, taxes, insurance, etc. $ 77,500 target profit margin for both labor and materials 25 % what should yelk set as the materials markup per dollar of materials used

30%

Explanation:

Material purchasing, handling and storage cost = $ 41,800

Material purchasing percentage:

= Material purchasing, handling and storage cost ÷ Annual materials purchases

= ($41,800 ÷ $836,000 ) × 100

= 5%

Target profit margin for both labor and materials = 25%

Material markup per dollar of material:

= Material purchasing percentage +  Target profit margin

= 5% + 25%

= 30%

the correct answer is - no.

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