Exercise 23-15 Time and materials pricing A1 HH Auto Repair reports the following information for the coming year. $ 50 per labor hour 11,400 hours $2,140,000 Labor rate, including fringe benefits Annual labor hours Annual materials (parts) purchases Annual overhead costs: Materials purchasing, handling, and storage Other overhead (depreciation, insurance, taxes, rent) Target profit margin (on both labor and materials) $ $ 278, 200 193,800 32 1. Compute the price (rate) per hour of direct labor. (Round your answer to 2 decimal places.) 2. Compute the materials markup (in %). 3. What price should the company quote for a job requiring three labor hours and $720 in parts? (Round your answer to 2 decimal places.) 1. Total labor rate per hour 2. Materials markup 3. Total price quote % rev: 01_22_2020_QC_CS-195634