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Monty's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. The company anticipated that the restorers would work a total of 11,760 hours this year. Expected parts and materials were $1,234,800. 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 $70.00 and that the material loading charge was 83.00%. Determine the profit margin on materials. (Round intermediate calculations and final answer to 2 decimol places, e.g. 10.25%.4 Proft margin on materials eTextbook and Media