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) +A A tA 14 130 per labor hour 4,600 hours 568,000 $ $ 85,200 138,000 30 % Determine its (a) pricing (rate) per hour of direct labor (in $) and (b) materials markup (in %). (a) Rate per hour of direct labor (b) Materials markup %