Wassons Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are:

Time Charges Material Loading Charges Restorers' wages and fringe benefits $240,975 - Purchasing agent's salary and fringe benefits - $70,250 Administrative salaries and fringe benefits 52,360 20,110 Other overhead costs 17,969 75,720 Total budgeted costs $311,304 $166,080

The company anticipated that the restorers would work a total of 11,900 hours this year. Expected parts and materials were $1,200,000. 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 $68.70 and that the material loading charge was 83.80%.

[Correct answer.] Your answer is correct.

Determine the profit margin per hour on labor. (Round answer to 2 decimal places, e.g. 10.50.)

Profit margin on labor $ [Entry field with correct answer] per hour

SHOW SOLUTION SHOW ANSWER LINK TO TEXT

[Correct answer.] Your answer is correct.

Determine the profit margin on materials. (Round answer to 2 decimal places, e.g. 10.50.)

Profit margin on materials [Entry field with correct answer] %

SHOW SOLUTION SHOW ANSWER LINK TO TEXT

[Incorrect answer.] Your answer is incorrect. Try again.

Determine the total price of labor and materials on a job that was completed after the fire that required 140 hours of labor and $61,000 in parts and materials.

Total price $ [Entry field with incorrect answer]