The formula to calculate the Shop Rate (SR) is:
\[ SR = \frac{CSJ}{H} \]
Where:
The shop rate is the cost per hour of labor for a job performed in a shop. It is calculated by dividing the total cost of the job by the total hours it took to complete the job. This rate helps in determining the efficiency and pricing of services provided by the shop.
Let's consider an example:
Using the formula to calculate the Shop Rate:
\[ SR = \frac{500}{10} = 50 \, \text{\$/hr} \]
This demonstrates that with a shop job cost of $500 and a job duration of 10 hours, the shop rate would be $50 per hour.