Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marigold's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows . Material Time Charges Loading Charges Restorers

Marigold's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows . Material Time Charges Loading Charges Restorers wages and fringe benefits $ 248,160 Purchasing agent's salary and fringe benefits $ 63,450 Administrative salaries and fringe benefits 33,84019,458 Other overhead costs 22,56059,220 Total budgeted costs $304,560 $ 142,128 The company anticipated that the restorers would work a total of 11.280 hours this year . Expected parts and materials were $1,184,400 In late January , the company experienced a fire in its facilities that destroyed most of the accounting records . Theaccountant 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 decimal places , e.g.10.) Profit margin on labor 43 per hour.
Determine the total price of labor and materials on a job that was completed after the fire that required 150 hours of labor and $56,400 in parts and materials.
Total price $
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modern Auditing

Authors: William C Boynton, Raymond N Johnson

8th Edition

0471230111, 978-0471230113

More Books

Students also viewed these Accounting questions

Question

=+What's the purpose of the piece?

Answered: 1 week ago

Question

=+What benefits are there in direct mail?

Answered: 1 week ago

Question

=+How will this product help them?

Answered: 1 week ago