Question
Brambles Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Time Charges Material Loading Charges Restorers' wages
Brambles 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 $221,760 Purchasing agent's salary and fringe benefits $56,700 Administrative salaries and fringe benefits 30,240 17,388 Other overhead costs 20,160 52,920 Total budgeted costs $272,160 $127,008 The company anticipated that the restorers would work a total of 10,080 hours this year. Expected parts and materials were $1,058,400. 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 $70.00 and that the material loading charge was 83.00%. (a) Correct answer icon 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 0 decimal places, e.g. 10.) Profit margin on labor $enter the profit margin on labor per hour in dollars 43 per hour eTextbook and Media Attempts: 1 of 3 used (b) Correct answer icon Your answer is correct. Determine the profit margin on materials. (Round intermediate calculations and final answer to 2 decimal places, e.g. 10.25%.) Profit margin on materials enter the profit margin on materials in percentages rounded to 2 decimal places 71 % eTextbook and Media Attempts: 1 of 3 used
(c) Determine the total price of labor and materials on a job that was completed after the fire that required 150 hours of labor and $50,400 in parts and materials. Total price $enter the total price in dollars
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