Please don't provide answer in image format thank you Blossom's Klassic Kars restores classic automobiles to showroom status. Budgeted data for the current year are as follows:Restorers' wages and fringe benefitsPurchasing agent's salary and fringe benefitsAdministrative salaries and fringe benefitsOther overhead costsTotal budgeted costs(a)TimeCharges$303,68067,160Profit margin21,900$$392,740Material LoadingCharges$67,500The company anticipated that the restorers would work a total of 14,600 hours this year and expected that parts and materials wouldcost $1,250,000.22,500In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountantremembers that the hourly labour rate was $68 and that the material loading charge was 93.00%.per hour73,750$163,750Determine the profit margin per hour on labour. (Round answer to 2 decimal places, e.g. 5.25.)

To calculate the profit margin per hour on labour, the total revenue earned from labour will be…

Blossom's Klassic Kars restores classic automobiles to showroom status. Budgeted data for the current year are as follows: Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs (a) Time Charges $303,680 67,160 Profit margin 21,900 $ $392,740 Material Loading Charges The company anticipated that the restorers would work a total of 14,600 hours this year and expected that parts and materials would cost $1,250,000. $67,500 22,500 In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labour rate was $68 and that the material loading charge was 93.00%. 73,750 per hour $163,750 Determine the profit margin per hour on labour. (Round answer to 2 decimal places, e.g. 5.25.)

Blossom's Klassic Kars restores classic automobiles to showroom status. Budgeted data for the current year are as follows: Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs (a) Time Charges $303,680 67,160 Profit margin 21,900 $ $392,740 Material Loading Charges The company anticipated that the restorers would work a total of 14,600 hours this year and expected that parts and materials would cost $1,250,000. $67,500 22,500 In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labour rate was $68 and that the material loading charge was 93.00%. 73,750 per hour $163,750 Determine the profit margin per hour on labour. (Round answer to 2 decimal places, e.g. 5.25.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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