Exercise 8-8 (Video) Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2020 is available for Second Chance. Material Time Loading Charges Charges Technicians' wages and benefits $229,100 Parts manager's salary and benefits $40,500 Office employee's salary and benefits 55,300 10,500 Other overhead 31,600 20,400 Total budgeted costs $316,000 $71,400 The company desires a $37 profit margin per hour of labor and a 21.00% 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 2020 will be $408,000. Your answer is incorrect. Try again. Compute the rate charged per hour of labor. Labor rate per hour E) Your answer is incorrect. Try again. Compute the material loading percentage. (Round answer to 3 decimal places, 9. 10.5014.) Material loading percentage Your answer is incorrect. Try again Pace Corporation has requested an estimate to rebuild its spot welder Second Chance estimates that it would require 11 hours of labor and $3,200 of parts. Compute the total estimated but (Round answer to 2 decimal places, e.. 10.50.) Total estimated be Click if you would like to show Work for this question Open Show Work