Question 7.1

Answer part b.

Answer correctly for a Like!

Current Attempt in Progress Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Time Charges Material Loading Charges $252,000 $67,940 Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs 50,400 20,400 25,200 75.720 $327,600 $164,060 The company anticipated that the restorers would work a total of 12,600 hours this year. Expected parts and materials were $1,262,000 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 $70 and that the material loading charge was 84%, (a) Your answer is correct Determine the profit margin per hour on labor. (Round intermediate calculations to 2 decimal places, e.3. 10.25 and final answer to 0 decimal places, e.g. 10.) Profit margin on labor $ per hour e Textbook and Media Attempts: 2 of 3 used (b) Determine the profit margin on materials. (Round intermediate calculations to 2 decimal places, e.g. 10.25% and final answer to 0 decimal places, e.g. 10%.) Profit margin on materials