Question

Wasson’s Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Time Charges Material Loading Charges Restorers' wages and fringe benefits $305,450 Purchasing agent's salary and fringe benefits $78,497 Administrative salaries and fringe benefits 63,176 21,400 Other overhead costs 18,774 74,891 Total budgeted costs $387,400 $174,788 The company anticipated that the restorers would work a total of 14,900 hours this year. Expected parts and materials were $1,289,000. In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labor rate was $69.73 and that the material loading charge was 83.80%. Determine the profit margin per hour on labor. (Round answer to 2 decimal places, e.g. 10.50.) Profit margin on labor $ per hour LINK TO TEXT Determine the profit margin on materials. (Round answer to 2 decimal places, e.g. 10.50.) Profit margin on materials % LINK TO TEXT Determine the total price of labor and materials on a job that was completed after the fire that required 146 hours of labor and $55,900 in parts and materials. (Round answer to 0 decimal places, e.g. 125.) Total price $

Answer 1