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			$210,000
	Purchasing agent's salary and fringe benefits							$81,940
	Administrative salaries and fringe benefits			40,000				20,300
	Other overhead costs			10,000				76,680
	Total budgeted costs			$260,000				$178,920

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.)

Profit margin on labor

$Type your answer here

per hour

The company anticipated that the restorers would work a total of 10,000 hours this year. Expected parts and materials were $1,278,000.

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 $70 and that the material loading charge was 84%.