Exercise 22-10 Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follow Material Time Loading Charges Charges Restorers' wages and fringe...

Wasson's Classic Cars restore classic automobiles to showroom status. Budgeted data for the current year are as follow:

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1. Determine the profit margin per hour on labor.

2. Determine the profit margin on materials.

3. Determine the total price of labor and materials on a job that was completed after the fire that required 153 hours of la $56,200 in parts and materials.

Extracted text: Exercise 22-10 Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follow Material Time Loading Charges Charges Restorers' wages and fringe benefits $314,001 Purchasing agent's salary and fringe benefits $75,709 Administrative salaries and fringe benefits 59,075 20,200 Other overhead costs 20,016 76,551 Total budgeted costs $393,092 $172.460 The company anticipated that the restorers would work a total of 13,900 hours this year. Expected parts and materials $1,257,000. In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accou remembers that the hourly labor rate was $69.28 and that the material loading charge was 83.19%.