Exercise 8-9 Ignatenko's Custom Electronics (ICE) 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 Charge:s Technicians' wages and benefits $136,840 Office employee's salary and benefits 30,976 Parts manager's salary and benefits $34,020 12,060 46,008 $185,667 92,088 Other overhead Total budgeted costs 17,851 The company has budgeted for 6,220 hours of technician time during the coming year. It desires a $37.96 profit margin per hour of labor and a 100% profit on parts. It estimates the total invoice cost of parts and materials in 2014 will be $720,000 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 2 decimal places, e.g. 10.50.) Material loading percentage