2. Michael Service repairs commercial food preparation equipment. The following budgeted cost data is available for 2019: Time Material Charges Charges $500,000 $ 72,000 Technicians' wages and benefits Parts manager's salary and benefits Office manager's salary and benefits Other overhead 112,000 18,000 48,000 135,000 Total budgeted costs $660,000 $225,000 Michael has budgeted for 10,000 hours of technician time during the coming year. It desires a $54 profit margin per hour of labor and a 40% profit margin on parts. Michael estimates the total invoice cost of parts and materials in 2019 will be $500,000. Instructions 1. Compute the rate charged per hour of labor. 2. Compute the material loading charge. 3. Michael 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