Question 7.2

Answer part c.

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.g. 10,25 and final answer to O decimal places, e.g. 10.) Profit margin on labor 44 per hour e Textbook and Media Attempts: 2 of 3 used (b) Your answer is correct Determine the profit margin on materials. (Round intermediate calculations to 2 decimal places, e.s. 10.25% and final answer to 0 decimal places, e s. 10%) % Profit margin on materials (c) Determine the total price of labor and materials on a job that was completed after the fire that required 140 hours of labor and $63,700 in parts and materials. Total price $