Chuck's Classic Cars 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 Puchasing agent's salary and fringe benefits $67,500 Administrative salaries and fringe benefits 60,000 22,500 Other overhead costs 20,000 75,600 Total budgeted costs $350,000 $165,600 The company anticipated that the restorers would work a total of 10,000 hours this year. Expected parts and materials were $1,200,000. 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 $60 and that the material loading charge was 83.80%.

1. Determine the profit margin per hour on labor.

2. Determine the profit margin on materials.

3. 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.

Question 62 Chuck's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are: Time Charges $270,000 Material Loading Charges Restorers' wages and fringe benefits Puchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs 60,000 20,000 $350,000 $67,500 22,500 75,600 $165,600 The company anticipated that the restorers would work a total of 10,000 hours this year. Expected parts and materials were $1,200,000. 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 $60 and that the material loading charge was 83.80%. Determine the profit margin per hour on labor. Profit margin Determine the profit margin on materials. Profit margin 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. Total price of labor and materials Click if you would like to Show Work for this question: Open Show Work