Business, 03.06.2021 19:40 batmanmarie2004

Wassonâs Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Time Charges Material Loading Charges
Restorers' wages and fringe benefits $237,300
Purchasing agent's salary and fringe benefits $68,560
Administrative salaries and fringe benefits 45,200 20,200
Other overhead costs 11,300 76,080
Total budgeted costs $293,800 $164,840

The company anticipated that the restorers would work a total of 11,300 hours this year. Expected parts and materials were $1,268,000. 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 $69 and that the material loading charge was 84%.

Required:
Determine the profit margin on materials.

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Wassonâs Classic Cars restores classic automobiles to showroom status. Budgeted data for the current...

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