Wildhorse's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows: Restorers' wages and benefits Purchasing agent's salary and benefits Administrative salaries and benefits Other overhead costs Total budgeted costs (a1) Your answer is correct. Profit margin (a2) Time Charges Material Loading Charges eTextbook and Media $329,400 The company anticipated that the restorers would work a total of 10,000 hours this year. Expected parts and materials were $1,200,000. $ 73,200 24,400 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 $60.00 and that the material loading charge was 83.80%. Profit margin $427,000 Determine the profit margin per hour on labor. (Round answer to 2 decimal places, e.g. 15.25.) $82,350 27,450 17.30 219,240 $329,040 % Determine the profit margin on materials. (Round answer to 2 decimal places, e.g. 15.25.) Attempts: 1 of 5 used

Wildhorse's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows: Restorers' wages and benefits Purchasing agent's salary and benefits Administrative salaries and benefits Other overhead costs Total budgeted costs (a1) Your answer is correct. Profit margin (a2) Time Charges Material Loading Charges eTextbook and Media $329,400 The company anticipated that the restorers would work a total of 10,000 hours this year. Expected parts and materials were $1,200,000. $ 73,200 24,400 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 $60.00 and that the material loading charge was 83.80%. Profit margin $427,000 Determine the profit margin per hour on labor. (Round answer to 2 decimal places, e.g. 15.25.) $82,350 27,450 17.30 219,240 $329,040 % Determine the profit margin on materials. (Round answer to 2 decimal places, e.g. 15.25.) Attempts: 1 of 5 used

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Description: Wildhorse's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows:Restorers' wages and benefitsPurchasing agent's salary and benefitsAdministrative salaries and benefitsOther overhead costsTo

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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Ruth, the owner of Crystal Clean, is planning for the next year. She uses the absorption method to determine the evaluation of employees and how much to increase their hourly wage. She has budgeted the following information: Variable operating expenses $4 per unitFixed operating expenses $211900 Variable manufacturing cost $11 per unitFixed manufacturing cost $253000 Units to be produced 25300 unitsUnit selling price $31 per unit Year 1 Year 2 Beginning inventory (units) 0 1400 Actual production (units) 23800 25800 Sales volume (units) 22400 26500 There were no price or efficiency variances for either year. Ruth writes off any fixed MOH volume variance directly to COGS. Calculate the gross margin for year 1.…