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need help with part c Wasson's Classic Cars restores classic automobiles to showroom status, Budgeted data for the current year are as follows. Time Charges
need help with part c
Wasson's Classic Cars restores classic automobiles to showroom status, Budgeted data for the current year are as follows. Time Charges Material Loading Charges $241,500 $63,310 Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs 57,500 20,900 23,000 72.180 $322,000 $156,390 The company anticipated that the restorers would work a total of 11,500 hours this year. Expected parts and materials were $1,203,000 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 $70 and that the material loading charge was 83%. 2 Question 5 of 5 - (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.) Profit margin on labor 42 per hour eTextbook and Media Attempts: 1 of 5 used (b) Your answer is correct Determine the profit margin on materials. (Round intermediate calculations to 2 decimal places, e.8. 10.25% and final answer to O decimal places, .8, 10%) Profit margin on materials 70 % c) Determine the total price of labor and materials on a job that was completed after the fire that required 146 hours of labor and $55,000 in parts and materials. Total price $ eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Step by Step Solution
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