Exercise 21-09 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. Material Loading Charges Time Charges Technicians' wages and benefits $133,400 Parts manager's salary and benefits Office employee's salary and benefits 25,520 Other overhead 12,760 Total budgeted costs $171,680 $34,200 17,180 44,040 $95,420 The company has budgeted for 5,800 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 $734,000. Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 10.50.) Labor rate per hour $ Compute the material loading percentage. % Material loading percentage I RCE has just received a request for a bid from Bull Builders on a $1,219,000 new home. The company estimates that it would require 80 hours of labor and $35,900 of parts. Compute the total estimated bill. Total estimated bill