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Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Material Time Loading Charges Charges Restorers'
Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Material Time Loading Charges Charges Restorers' wages and fringe benefits $234,600 Purchasing agent's salary and fringe benefits $64,160 Administrative salaries and fringe benefits 51,000 20,400 Other overhead costs 10,200 72,480 Total budgeted costs $295,800 $157,040 The company anticipated that the restorers would work a total of 10,200 hours this year. Expected parts and materials were $1,208,000. 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%.
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