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Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Material Time Loading Charges Charges Restorers' wages and fringe benefits $312,900 Purchasing agent's salary and fringe benefits $81.720 Administrative salaries and fringe benefits 59.600 21,400 Other overhead costs 14,900 77,340 Total budgeted costs $387,400 $180,460 The company anticipated that the restorers would work a total of 14.900 hours this year. Expected parts and materials were $1,289,000. X Your answer is incorrect. Determine the profit margin on materials. (Round Intermediate calculations to 2 decimal places, eg. 10.25% and final answer to O decimal places, eg. 10%) Profit margin on materials 44 %

Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Material Time Loading Charges Charges Restorers' wages and fringe benefits $312,900 Purchasing agent's salary and fringe benefits $81.720 Administrative salaries and fringe benefits 59.600 21,400 Other overhead costs 14,900 77,340 Total budgeted costs $387,400 $180,460 The company anticipated that the restorers would work a total of 14.900 hours this year. Expected parts and materials were $1,289,000. X Your answer is incorrect. Determine the profit margin on materials. (Round Intermediate calculations to 2 decimal places, eg. 10.25% and final answer to O decimal places, eg. 10%) Profit margin on materials 44 %

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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Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Material Time Loading Charges Charges Restorers' wages and fringe benefits $312,900 Purchasing agent's salary and fringe benefits $81.720 Administrative salaries and fringe benefits 59.600 21,400 Other overhead costs 14,900 77,340 Total budgeted costs $387,400 $180,460 The company anticipated that the restorers would work a total of 14.900 hours this year. Expected parts and materials were $1,289,000. X Your answer is incorrect. Determine the profit margin on materials. (Round Intermediate calculations to 2 decimal places, eg. 10.25% and final answer to O decimal places, eg. 10%) Profit margin on materials 44 %
Transcribed Image Text:Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Material Time Loading Charges Charges Restorers' wages and fringe benefits $312,900 Purchasing agent's salary and fringe benefits $81.720 Administrative salaries and fringe benefits 59.600 21,400 Other overhead costs 14,900 77,340 Total budgeted costs $387,400 $180,460 The company anticipated that the restorers would work a total of 14.900 hours this year. Expected parts and materials were $1,289,000. X Your answer is incorrect. Determine the profit margin on materials. (Round Intermediate calculations to 2 decimal places, eg. 10.25% and final answer to O decimal places, eg. 10%) Profit margin on materials 44 %
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