Answer:
Hourly Rate = $12.22 per hour
Step-by-step explanation:
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Overhead Rate = 95%
Retail price of parts = $134.75
Total cost of job = $241.98
Cost of labor = Total cost - Retail price
= 241.98 - 134.75
= $107.23
Now, labor works for 4.5 hours and ears a total amount of $107.23
\(\implies\text{Amount earned in one hour or hourly rate = }\frac{107.23}{4.5}\\\\\implies \text{Hourly rate = }\$23.83\text{ per hour}\)
Now, Labor will get 95% overhead rate
⇒ The labor is getting 100% already but an overhead of 95% is also given
\(\text{So, Hourly Rate = }\frac{23.83}{1+0.95}\\\\\bf\implies\textbf{Hourly Rate = }\$12.22\textbf{ per hour}\)
