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Chris's Klassic Kars restores classic automobiles to showroom status. Budgeted data for the current year are: Time Charges Material Loading Charges Restorers' wages and fringe
Chris's Klassic Kars restores classic automobiles to showroom status. Budgeted data for the current year are: Time Charges Material Loading Charges Restorers' wages and fringe benefits $270,000 - Purchasing agent's salary and fringe benefits - $67,500 Administrative salaries and fringe benefits 54,000 21,960 Other overhead costs 21,600 75,600 Total budgeted costs $345,600 $165,060 The company anticipated that the restorers would work a total of 12,000 hours this year. Expected parts and materials were $1,260,000. In late January, the company experienced a fire in its facilities that destroyed most of the records. The accountant remembers that the hourly labor rate was $68.80 and that the material loading charge was 93.10%. Determine the profit margin per hour on labor. (Round computations and final answer to 2 decimal places, e.g. 10.50 .) $ Determine the profit margin on materials. (Round computations and answer to 2 decimal places, e.g. 10.50.) % Determine the total price of labor and materials on a job that was completed after the fire that required 150 hours of labor and $60,000 in parts and materials. (Use the rounded amounts from the previous questions when calculating the answer for this question.) $
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