Chance. Material Time Loading Charges Charges Technicians' wages and benefits $238,000 Parts manager's salary and benefits $40,100 Office employee's salary and benefits 49,000 7,430 Other overhead 35,000 27,440 Total budgeted costs $322,000 $74,970 The company desires a $37 profit margin per hour of labor and a 20.00% profit margin on parts. It has budgeted for 7.000 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2020 will be $392.000. Compute the rate charged per hour of labor. Labor rate $ per hour