Solved: Calculate the amount of the final price adjustment, Accounting Basics

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Calculate the amount of the final price adjustment

Problem:

Calculate the amount of the final price adjustment because of defective pricing based on the following:

Contractor unintentionally overpriced their material costs by $75,000 and under-priced their direct manufacturing labor costs by $50,000. Overhead rates used to price the original contract are given below:

Material OH   15%
Engineering OH      75%
Manufacturing OH 124%
Lawn Maintenance OH    1.5%
G & A                            24%

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Accounting Basics: Calculate the amount of the final price adjustment

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Accounting Basics: Calculate the amount of the final price adjustment

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