Use the following information for questions 70-72. The following data is available for Wheels 'N Spokes Repair Shop for 2016: Repair technicians' wages $360,000 Fringe benefits 80,000 Overhead 60,000 Total $500.000 The desired profit margin is $40 per labor hour. The material loading charge is 40% of invoice cost. It is estimated that 5,000 labor hours will be worked in 2016. 70. Wheels 'N Spokes' labor charge per hour in 2016 would be a. $100. b. $112. c. $128. d. $140. Ans: d, LO: 3, Bloom: AP, Difficulty: Medium Min: 2 MACSB: Analytic. AIGPA RR Marratinirlinnt Fanie Annem 1 1 71. In January 2016, Wheels 'N Spokes repairs a bicycle that uses parts of $180. Its material loading charge on this repair would be a. $72. b. $108. c. $180. d. $252. Ans: a, LO: 3, Bloom: AP, Difficulty: Medium, Min: 2, AACSB: Analytic, AICPA BB: Marketing/Client Focus, AICPA FN: Measurement, AICPA PC: Problem Solving/Decision Making, IMA: Cost Management 72. In March 2016, Wheels 'N Spokes repairs a bicycle that takes two hours to repair and uses parts of $240. The bill for this repair would be a. $520. b. $560. c. $592. d. $616