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Just need help on part c. I did (150*42)+73200+(73200*0.71) = 131,472 and it's the wrong answer. Please help me understand how to get the answer
Just need help on part c. I did (150*42)+73200+(73200*0.71) = 131,472 and it's the wrong answer. Please help me understand how to get the answer for part c, thanks!
Swifty'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 14,640 hours this year. Expected parts and materials were $1,537,200. 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% (a) Your answer is correct. Determine the profit margin per hour on labor. (Round intermediate calculations to 2 decimal places, e.g. 10.25 and final answer to 0 decimal places, e.g. 10.) ; per hour (b) Your answer is correct. Determine the profit margin on materials. (Round intermediate calculations to 2 decimal places, e.g. 10.25% and final answer to 0 decimal places, e.g. 10\%.) Profit margin on materials % (c) Your answer is incorrect. Determine the total price of labor and materials on a job that was completed after the fire that required 150 hours of labor and $73,200 in parts and materialsStep by Step Solution
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