FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. (a) Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs (b) ✓ Your answer is correct. (c) Profit margin on labor The company anticipated that the restorers would work a total of 12,800 hours this year. Expected parts and materials were $1,268,000. e Textbook and Media 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 83%. ✓ Your answer is correct. 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.) $ Profit margin on materials eTextbook and Media Time Charges $268,800 * Your answer is incorrect. 51,200 Total price 12,800 $ $332,800 115357 Material Loading Charges Determine the profit margin on materials. (Round intermediate calculations to 2 decimal places, e.g. 10.25% and final answer to 0 decimal places, e.g. 10 %) $68,660 44 per hour 20.100 76,080 $164,840 70 % Attempts: 2 of 3 used Determine the total price of labor and materials on a job that was completed after the fire that required 160 hours of labor and $63,900 in parts and materials. Attempts: 2 of 3 used
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Transcribed Image Text:Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. (a) Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs (b) ✓ Your answer is correct. (c) Profit margin on labor The company anticipated that the restorers would work a total of 12,800 hours this year. Expected parts and materials were $1,268,000. e Textbook and Media 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 83%. ✓ Your answer is correct. 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.) $ Profit margin on materials eTextbook and Media Time Charges $268,800 * Your answer is incorrect. 51,200 Total price 12,800 $ $332,800 115357 Material Loading Charges Determine the profit margin on materials. (Round intermediate calculations to 2 decimal places, e.g. 10.25% and final answer to 0 decimal places, e.g. 10 %) $68,660 44 per hour 20.100 76,080 $164,840 70 % Attempts: 2 of 3 used Determine the total price of labor and materials on a job that was completed after the fire that required 160 hours of labor and $63,900 in parts and materials. Attempts: 2 of 3 used
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