Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left oft? K16 J $ 11 12 14 C G H 1 E22-10 Use time-and-material pricing to determine w 2 Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Material Time Loading Charges Charges Restorers' wages and fringe benefits $ 270,000 Purchasing agent's salary and fringe benefits 67,500 Administrative salaries and fring benefits $ 54.000 $ 21,960 10 Other overhead costs $ 24.000 $ 77.490 Total budgeted costs $ 348,000 $ 168,950 13 The company anticipated that the resorers would work a total of 12,000 hours this year. Expected parts and materials were 15 Expected parts and materials were $1,260,000. 16 17 in late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant 1.6 remembers that the hourly labor rate was $70.00 and that the material loading charge was 83.25% 20 Instructions 21 ) Determine the profit margin per hour on labor 22 (6) Determine the profit margin on materials. 23 ) Determine the total price of labor and materials on a job that was completed after the fire that required 150 hours of labor and $60,000 in parts and materiais 26 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in colls with a "?". 27 28 29 a) Determine the profit margin per hour on labor 30 Per Hour 31 Cost Charge 32 Hourly labor rate for repairs 33 Restorers' wages and fringe benefits Value 34 Overhead costs 19 24 25 Total Total Hours Value 2 HW Problem E22-5 Bonus Problem 22.10