5. Greasy S poon Service repairs commercial food preparation equipment. The following budgeted cost data is available for 2006 Time Material Charges Charges Technicians' wages and benefits$600,000 Parts manager's salary and benefits .72,000 Office manager's salary and benefitsl 12,00018,000 Is Other overhead Total budgeted costs 48,000 110,000 $200,000 $760,000 rs oftechnician time during the coming year. It desires a S61 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