Work the following pricing problems for services rendered. (for all calculations use hundredths.)

labor time = 4 1/2 hours
overhead rate = 95%
retail price of parts = $134.75
total cost of job = $241.98

hourly rate? $

Labor time = 4 1/2 hours = 4.5 hours
overhead rate = 95% - mostly dependent on labor
retail price of parts = 134.75
total cost of job = 241.98

241.98 - 134.75 = 107.23
107.25 / (4.5 x 1.95) = 107.25 / 8.78 = 12.22 hourly rate

labor : 12.22 x 4.5          =   54.99
overhead: 54.99 x 95%  =   52.24
retail price of parts         = 134.75
total cost of job:                 241.98

What do you mean by that?

Yes you do, so £1973.09 - £1473.50 = £499.59 so tim overpaid £499.59 .hope this ; )