E8.9 (LO 3), AP Service Rey Custom Electronics (RCE) sells and installs complete security, computer, audio, and video systems for homes. On newly constructed homes it provides bids using time-and-material pricing. The following budgeted cost data are available. Use time-and-material pricing to determine bill. Material Time Loading Charges Charges Technicians' wages and benefits $150,000 Parts manager's salary and benefits $34,000 Office employee's salary and benefits 30,000 15,000 Other overhead 15,000 42.000 Total budgeted costs $195,000 $91.000 The company has budgeted for 6,250 hours of technician time during the coming year. It desires a $38 profit margin per hour of labor and an 80% profit on parts. It estimates the total invoice cost of parts and materials in 2020 will be $700,000 Instructions a. Compute the rate charged per hour of labor. b. Compute the material loading percentage. c. RCE has just received a request for a bid from Buil Builders on a $1,200,000 new home. The company estimates that it would require 80 hours of labor and $40,000 of parts. Compute the total estimated bill.