Exercise 22-9 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 $ 125,642 Parts manager's salary and benefits Office employee's salary and benefits 23,171 Other overhead 15,373 Total budgeted costs $ 164,186 $ 34,700 10,800 37,635 $ 83,135 The company has budgeted for 5,530 hours of technician time during the coming year. It desires a $ 37.44 profit margin per hour of labor and an 80% profit on parts. It estimates the total invoice cost of parts and materials in 2017 will be $ 650,000. Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 10.50.) Labor rate $ per hour LINK TO TEXT VIDEO: SIMILAR EXERCISE Compute the material loading percentage. (Round answer to 2 decimal places, e.g. 10.50.) Material loading percentage LINK TO TEXT VIDEO: SIMILAR EXERCISE RCE has just received a request for a bid from Buil Builders on a $ 1,180,000 new home. The company estimates that it would require 80 hours of labor and $ 35,900 of parts. Compute the total estimated bill. (Round answer to 2 decimal places, e.g. 10.50.) Total estimated bill