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Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. The company anticipated that the restorers would
Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. The company anticipated that the restorers would work a total of 14,200 hours this year. Expected parts and materials were $1,268,000. 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 568.28 and that the material loading charge was 82.76%. Determine the profit margin per hour on labor. (Round answer to 2 decimal places, e.g. 10.50.) Profit margin on labor $ 35.39 per hour Determine the profit margin on materials. (Round answer to 2 decimal places, e.g. 10.50.) Profit margin on materials 69.81 % Determine the total price of labor and materials on a job that was completed after the fire that required 147 hours of labor and 560,800 in parts and materials. (Round answer to 0 decimal places, e.g. 125.) Total price $ 108446.81
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