Cheng Co. reports the following information for the coming year. Labor rate, including fringe benefits $ 50 per labor hour Annual labor hours 3800 hours Annual materials purchases $ 560,000 Annual overhead costs: Materials purchasing, handling, and storage $ 39,200 Other overhead $ 114,000 Target profit margin (on both labor and materials) 30 % Determine its (a) pricing (rate) per hour of direct labor (in $) and (b) materials markup (in %)