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, and storage Other overhead Target profit margin (on both labor and materials) 70 per labor hour 4,890 hours 562,800 50,580 120,000 30 Determine its (a) pricing (rate) per hour of direct labor (in $) and (b) materials markup lin %). (a) Rate per hour of direct labor (b) Materials markup %