Cheng Co. reports the following information for the coming year. Labor rate, including fringe benefits Annual labor hours Annual materials purchases Annual overhead costs: Materials purchasing, handling, Other overhead Target profit margin (on both labor and materials} and storage mmm 70 4,000 562,000 50,530 120,000 30 per labor hour hours do Determine its (a) pricing (rate) per hour of direct labor (in $) and (b) materials markup (in 96}. Rate per hour of direct labor (b) Materials markup