Oriole's Klassic Kars restores classic automobiles to showroom status. Budgeted data for the current year are as follows: Material Loading Charges Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benents Other overhead costs Total budgeted costs (a) The company anticipated that the restorers would work a total of 13.500 hours this year and expected that parts and materials would cost $1.300.000 Profit margin Time Charges $294.300 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 $72 and that the material loading charge was 91.00% 59,400 31.050 $ eTextbook and Media Save for Later $384.750 Determine the profit margin per hour on labour. (Round answer to 2 decimal places, eg 5.25) $67.600 20,800 78,000 $166,400 per hour Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available wh you compl

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Oriole's Klassic Kars restores classic automobiles to showroom status. Budgeted data for the current year are as follows
Material Loading
Charges
Restorers' wages and fringe benefits
Purchasing agent's salary and fringe benefits
Administrative salaries and fringe benents
Other overhead costs
Total budgeted costs
Time Charges
Profit margin $
$294,300
eTextbook and Media
59,400
Save for Later
31,050
The company anticipated that the restorers would work a total of 13.500 hours this year and expected that parts and materials would
cost $1.300,000
$384.750
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 $72 and that the material loading charge was 91.00%
Determine the profit margin per hour on labour. (Round answer to 2 decimal places, eg 5.25)
$67,600
20,800
78,000
$166,400
per hour
Attempts: 0 of 3 used
(b)
The parts of this question must be completed in order. This part will be available when you complete the part above.
(c)
The parts of this question must be completed in order. This part will be available when you complete the part above.
Subunit Answer
Transcribed Image Text:Oriole's Klassic Kars restores classic automobiles to showroom status. Budgeted data for the current year are as follows Material Loading Charges Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benents Other overhead costs Total budgeted costs Time Charges Profit margin $ $294,300 eTextbook and Media 59,400 Save for Later 31,050 The company anticipated that the restorers would work a total of 13.500 hours this year and expected that parts and materials would cost $1.300,000 $384.750 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 $72 and that the material loading charge was 91.00% Determine the profit margin per hour on labour. (Round answer to 2 decimal places, eg 5.25) $67,600 20,800 78,000 $166,400 per hour Attempts: 0 of 3 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above. Subunit Answer
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