Exercise 8-10 (Part Level Submission Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are: Material Loading Charges Time Charges $277,749 Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs 52,324 16,129 $346,202 $72,032 20,100 77,748 $169,880 The company anticipated that the restorers would work a total of 12,700 hours this year. Expected parts and materials were $1,240,000. 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 $69.60 and that the material loading charge was 82.50% Your answer is correct. Determine the profit margin per hour on labor. (Round answer to 2 decimal places, e.g. 10.50.) Profit margin on labor 42,34 per hour Click if you would like to Show Work for this question: Open Show Work