Wasson's Classic Cars 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 benefits Other overhead costs Total budgeted costs (a) The company anticipated that the restorers would work a total of 11.800 hours this year. Expected parts and materials were $1,281,000. 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%. (b) ✓ Your answer is correct. Determine the profit margin per hour on labor. (Round intermediate calculations to 2 decimal places, eg. 10.25 and final answer to 0 decimal places, e.g. 10.) Profit margin on labor $ 43 per hour eTextbook and Media (c) ✓ Your answer is correct. Time Charges $259,600 Profit margin on materials 47,200 11,800 $318.600 Determine the profit margin on materials. (Round intermediate calculations to 2 decimal places, eg. 10.25% and final answer to 0 decimal places, e.g. 10%) eTextbook and Media $82,280 20,200 76,860 $179,340 70 % Determine the total price of labor and materials on a job that was completed after the fire that required 154 hours of labor and $62,100 in parts and materials. Total price $
Wasson's Classic Cars 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 benefits Other overhead costs Total budgeted costs (a) The company anticipated that the restorers would work a total of 11.800 hours this year. Expected parts and materials were $1,281,000. 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%. (b) ✓ Your answer is correct. Determine the profit margin per hour on labor. (Round intermediate calculations to 2 decimal places, eg. 10.25 and final answer to 0 decimal places, e.g. 10.) Profit margin on labor $ 43 per hour eTextbook and Media (c) ✓ Your answer is correct. Time Charges $259,600 Profit margin on materials 47,200 11,800 $318.600 Determine the profit margin on materials. (Round intermediate calculations to 2 decimal places, eg. 10.25% and final answer to 0 decimal places, e.g. 10%) eTextbook and Media $82,280 20,200 76,860 $179,340 70 % Determine the total price of labor and materials on a job that was completed after the fire that required 154 hours of labor and $62,100 in parts and materials. Total price $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me with required a and required b and required c thanku
Transcribed Image Text:Wasson's Classic Cars 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 benefits
Other overhead costs
Total budgeted costs
(a)
The company anticipated that the restorers would work a total of 11,800 hours this year. Expected parts and materials were $1,281,000.
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%.
✓ Your answer is correct.
Profit margin on labor $
(b)
Determine the profit margin per hour on labor. (Round intermediate calculations to 2 decimal places, e.g. 10.25 and final answer to O decimal places, e.g. 10.)
eTextbook and Media
(c)
✓
Your answer is correct.
Profit margin on materials
Time
Charges
$259,600
47,200
11,800
$318.600
eTextbook and Media
Determine the profit margin on materials. (Round intermediate calculations to 2 decimal places, eg. 10.25% and final answer to 0 decimal places, e.g. 10%.)
Total price $
$82,280
20,200
76,860
$179,340
43 per hour
70 %
Determine the total price of labor and materials on a job that was completed after the fire that required 154 hours of labor and $62,100 in parts and materials.
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