*Exercise 22-8 Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2017 is available for Second Chance Material Time Loading Charges Charges Technicians' wages and benefits $221,200 Parts manager's salary and benefits $40,200 6,717 22,920 $284,400 $69,837 Office employee's salary and benefits 39,500 23,700 Other overhead Total budgeted costs The company desires a $37.00 profit margin per hour of labor and a 20.00% profit margin on parts. It has budgeted for 7,900 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2017 will be $382,000. Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 10.50.) Labor rate$ Compute the material loading percentage. (Round answer to 3 decimal places, e.g. 10.501.) per hour Material loading percentage| Pace Corporation has requested an estimate to rebuild its spot welder. Second Chance estimates that it would require 41 hours of labor and $2,000 of parts. Compute the total estimated bill. (Round answer to 2 decimal places, e.g. 10.50.) Total estimated bill $ Question Attempts: Unlimited