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Could you please solve this one Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are: The company anticipated
Could you please solve this one
Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are: The company anticipated that the restorers would work a total of 11,900 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 $68.70 and that the material loading charge was 83.80%. Determine the profit margin per hour on labor. (Round answer to 2 decimal places, e.g. 10.50.) Determine the profit margin on materials. (Round 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 140 hours of labor and $61,000 in parts and materials Step by Step Solution
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