Crane Company has the following budgeted costs for the next year: Time Charges Material Charges Shop employees' wages and benefits $165000 $. 35000 37500 5000 Parts manager's salary and benefits Office employee's salary and benefits Other overhead Invoice cost of parts and materials Total budgeted costs 30000 30000 300000 $232500 $370000 The labor rate to be used next year assuming 7500 hours of repair time and a profit margin of $25 per labor hour is a $56. $31. $47. $51