Tietjen & Lang Dry Dock Co.-Statement of profits on billings to Government departments other than U. S. Navy Department, July 1, 1940, to Dec. 31, 1941 Tietjen & Lang Dry Dock Co.-Statement of profits on billings to Government departments other than U. S. Navy Department, July 1, 1940, to Dec. 31, 1941—Con. NOTE. As the cost records of the company were kept in total for the individual vessels, no attempt has been made to allocate these costs between billings to U. S. Maritime Commission and billings to others. Included in cost is overhead calculated at 57.7935 percent of direct labor costs in 1940 and 40.5395 percent of direct labor costs in 1941. These percentages of overhead to direct labor are as determined by the Navy Department for the year 1940 and for the 4-month period of May to August 1941. The Navy Department is presently engaged in determining overhead percentage for the entire year 1941 and if such percentage, when determined, is used instead of the 40.5395 percent mentioned above, the above costs and net profits will probably change. 70 1,013. 27 873.79 139.48 15.96 1, 801 9, 435. 20 16, 874. 80 6, 263. 71 15, 573. 98 3, 171. 49 50.63 8.35 445, 205 1,495,714. 21 1,231,007. 09 264, 707. 12 21.50 Todd Seattle Dry Docks, Inc.-Statement of profits made on vessels on which work was completed or in process and in respect of which billings were made from July 1, 1940, to Dec. 31, 1941, for various Government departments U. S. Navy Department. $12, 293, 008. 62 $1, 004, 060. 28 $11, 288, 948. 34 $10, 243, 043. 73 $1, 045, 904. 61| to cost 10.21 988.95 988.95 711. 18 277.77 7,509. 64 13,668.63 19.54 39.06 41.98 U. S. Army Quartermaster Corps.. U. S. Maritime Commission... Total.. 1 Denotes red figures. 12, 422, 109. 16 1,019, 572. 86 11, 402, 536. 30 10, 344, 667. 48 1, 057, 868. 82 10.23 Todd Seattle Dry Docks, Inc.-Statement of profits on billings to U. S. Navy Department to Dec. 31, 1941 Total.. $6, 252, 928. 04 $374, 235. 48 8, 231. 77 4,609. 59 $5, 878, 692. 56 $519, 904. 75 $4, 871, 625. 28 $487, 162. 53 10.00 491, 896. 25 10.00 2,022. 21 9.36 22, 983. 34 17.03 89, 909. 90 15, 986. 73 17.78 2, 328. 26 80, 692. 27 13, 171, 994. 99 878, 986. 37 12, 293, 008. 62 1, 004, 060. 28 10, 243, 043. 73 1, 045, 904. 61 1 Denotes red figures. 10. 21 NOTE. Included in cost is overhead calculated at 47.873 percent of direct labor costs in 1940 and 29.863 percent of direct labor costs in 1941. These percentages of overhead to direct labor are as determined by the Navy Department for the year 1940 and for the 8-month period of January to August 1941. The Navy Department is presently engaged in determining overhead percentage for the entire year 1941 and if such percentage when determined is used instead of the 29.863 percent mentioned above, the above costs and net profits will probably change. In accordance with an understanding between the company and the U. S. Navy Department, the profit on vessels Nos. 1 and 2 is limited to 10 percent of costs. The amounts shown in the Credits allowable" column, which are subject to audit by the Navy Department, reduce the profit on these 2 vessels to this percentage. On other work commenced after Nov. 1, 1941, the profit is also limited to 10 percent of cost. Such costs have not yet been determined by the Navy Department and accordingly the effect on the above figures is not now determinable. Todd Seattle Dry Docks, Inc.-Statement of profits on billings to Government departments other than Ú. S. Navy Department, July 1, 1940, to Dec. 31, 1941 1 Billing on this ship covers drydocking charges only. As drydocking is considered an overhead item and overhead is distributed to costs on the basis of direct labor charges, no calculation of cost involved was possible in this case (there being no direct labor charges in this case). 2 Denotes red figures. 3 The company agreed with the U. S. Maritime Commission that for all work performed subsequent to Aug. 1, 1941, the billings would be at the same schedule rates as those charged to U. S. Navy Department. The credits allowable represent the estimated net excess of billings as rendered over those at the abovementioned rates, which excess will be deducted from future billings. Included in cost is overhead calculated at 47.873 percent of direct labor costs in 1940 and 29.863 percent of direct labor costs in 1941. These percentages of overhead to direct labor are as determined by the Navy Department for the year 1940 and for the 8-month period of January to August 1941. The Navy Department is presently engaged in determining overhead percentage for the entire year 1941 and if such percentage, when determined, is used instead of the 29.863 percent mentioned above, the above costs and net profits will probably change. |