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ges and fringe benefits ent's salary and fringe benefits e salaries and fringe benefits Time Charges $270,000 54,000 Ma Loa Cha $67 23

ges and fringe benefits ent's salary and fringe benefits e salaries and fringe benefits Time Charges $270,000 54,000 Ma Loa Cha $67 23

FINANCIAL ACCOUNTING
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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Wassons Classic Cars Pestores 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 Profit margin on labor $ Time Charges $270,000 eTextbook and Media 54,000 eTextbook 24,000 $348,000 29 Material Loading Charges The company anticipated that the restorers would work a total of 12,000 hours this year. Expected parts and materials were $1,260,000. $67,500 In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labor rate was $70 and that the material loading charge was 83.25%. * Your answer is incorrect. 21,960 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.) per hour 77,490 $166,950 Assistance Used
Transcribed Image Text:Wassons Classic Cars Pestores 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 Profit margin on labor $ Time Charges $270,000 eTextbook and Media 54,000 eTextbook 24,000 $348,000 29 Material Loading Charges The company anticipated that the restorers would work a total of 12,000 hours this year. Expected parts and materials were $1,260,000. $67,500 In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labor rate was $70 and that the material loading charge was 83.25%. * Your answer is incorrect. 21,960 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.) per hour 77,490 $166,950 Assistance Used
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