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Pina Coladas Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Pina Colada's Classic Cars restores classic
Pina Coladas Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows.
Pina Colada's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Time Charges Material Loading Charges Restorers' wages and fringe benefits $244,800 Purchasing agent's salary and fringe benefits $68,850 Administrative salaries and fringe benefits 61,200 21,114 Other overhead costs 36,720 64,260 Total budgeted costs $342,720 $154,224 a The company anticipated that the restorers would work a total of 12,240 hours this year. Expected parts and materials were $1,285,200. 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%. Determine the profit margin per hour on labor. (Round intermediate calculations to 2 decimal places, e.g. 10.25 and final answer to O decimal places, e.g. 10.) Profit margin on labor $ per hour Determine the profit margin on materials. (Round intermediate calculations to 2 decimal places, e.g. 10.25% and final answer to o decimal places, e.g. 10%.) Profit margin on materials % LINK TO TEXT Determine the total price of labor and materials on a job that was completed after the fire that required 160 hours of labor and $62,300 in parts and materials. Total priceStep by Step Solution
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