Exercise 8-10 Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are: Material Loading Charges Time Charges Restorers wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs $264,537 50,575 16,065 $331,177 $70,480 20,870 81,396 $172,746 The company anticipated that the restorers would work a total of 11,900 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 accounting records. The accountant remembers that the hourly labor rate was $69.90 and that the material loading charge was 83.60% Determine the profit margin per hour on labor. (Round answer to 2 decimal places, e.g. 10.50.) Profit margin on labor per hour Determine the profit margin on materials. (Round answer to 2 decimal places, e.g. 10.50.) Profit margin on materials