5. Greasy Spoon 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 benefitsS 72,000 Oflice manager's salary and benefits112,00018,000 Other overhead Total budgeted costs $760,000 $200,000 48,000 110,000 Greasy Spoon has budgeted for 10,000 hours of technician time during the coming year. It desires a S64 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 $300,000 Instructions 1. Compute the rate charged per hour of labor. 2. Compute the material loading charge. 3. Greasy Spoon has received a request fiom 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