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Wasson's Classic Cars restores classic automobiles to showroom...

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Accounting

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Wasson's Classic Cars restores classic automobiles to showroom status, Budgeted data for the current year are as follows. The company anticipated that the restorers would work a total of 12,000 hours this year. Expected parts and materials were $1,260,000. 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 $70.00 and that the material loading charge was 83.25% Determine the profit margin on materials. (Round intermediate calculations and final answer to 2 decimal places, eg. 10.25\%) Profit margin on materials %

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