Wassons 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 $319,700 Purchasing agent's salary and fringe benefits $80,360 Administrative salaries and fringe benefits 55,600 20,200 Other overhead costs 13,900 75,420 Total budgeted costs $389,200 $175,980

The company anticipated that the restorers would work a total of 13,900 hours this year. Expected parts and materials were $1,257,000.

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 $69 and that the material loading charge was 83%. (a) 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.)

b)

Determine the profit margin on materials. (Round intermediate calculations to 2 decimal places, e.g. 10.25% and final answer to 0 decimal places, e.g. 10%.)

Profit margin on materials

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