11. Greasy Spoon Service repairs commercial food preparation equipment. The following budgeted cost data is available for 2006: Greasy Spoon has budgeted for 10,000 hours of technician time during the coming year. It desires a $64 profit margin per hour of labor and a 50% profit margin on parts. Greasy Spoon estimates the total invoice cost of parts and materials in 2006 will be $500,000. Instructions 1. Compute the rate charged per hour of labor. 2. Compute the material loading charge. 3. Greasy Spoon has received a request from Lime Corporation for an estimate to repair a commercial fryer. The company estimates that it would take 20 hours of labor and $8,000 of parts. Compute the total estimated bill