Exercise 8-8 Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2014 is available for Second Chance Material Loading Charges Time Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Charge:s $224,100 52,290 14,940 $291,330 $39,260 10,136 25,560 $74,956 Total budgeted costs The company desires a $32.33 profit margin per hour of labor and a 25% profit margin on parts. It has budgeted for 7,470 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2014 will be $400,000 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. (Round answer to 3 decimal places, e.g. 10.501.) Material loading percentage