Exercise 8-8 (Part Level Submission) Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2017 is available for Second Chance Time Charges $246,400 Material Loading Charges Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs 46,200 23,100 $315,700 $39,200 12,471 24,660 $76,331 The company desires a $35.00 profit margin per hour of labor and a 21.00% profit margin on parts. It has budgeted for 7,700 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2017 will be $411,000 Compute the material loading percentage. (Round answer to 3 decimal places, e.g. 10.501.) Material loading percentage