Cei (b) Your answer is incorrect. Determine the profit margin on materials. (Round intermediate calculations and final answer to 2 decimal places, e.g. 10.25%.) Profit margin on materials eTextbook and Media eTextbook 12 Assistance Used Whispering Winds's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows, Material Time Loading Charges Charges Restorers' wages and fringe benefits $268,800 Purchasing agent's salary and fringe benefits $75,600 Administrative salaries and fringe benefits 67:200 23,184 Other overhead costs 40,320 70,560 Total budgeted costs $376,320 $169,344 The company anticipated that the restorers would work a total of 13,440 hours this year. Expected parts and materials were $1,411,200. 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) Your answer is correct. Determine the profit margin per hour on labor. (Round intermediate calculations to 2 decimal places, e.s. 10.25 and final