Exercise 21-08 a-c (Video) Bonita Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2020 is available for Bonita. Time Charges $197,600 Material Loading Charges Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead 53,200 30,400 $281,200 $39,100 13,420 20,800 $73,320 Total budgeted costs The company desires a $35 profit margin per hour of labor and a 20.00% profit margin on parts. It has budgeted for 7,600 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2020 will be $416,000. Compute the rate charged per hour of labor. Labor rate per hour $ Compute the material loading percentage. (Round answer to 3 decimal places, e.g. 10.501%.) Material loading percentage % Coronado Corporation has requested an estimate to rebuild its spot welder. Bonita estimates that it would require 40 hours of labor and $2,400 of parts. Compute the total estimated bill. (Round answer to 2 decimal places, e.g. 10.50.) Total estimated bill $