Exercise M-9 (Part Level Submission) Rey Custom Electronics (RCE) 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 Time Charges Material Loading Charges Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs $131,350 25,652 12,826 $169,828 $34,200 17,180 42,205 $93,585 The company has budgeted for 5,830 hours of technician time during the coming year. It desires a $37.72 profit margin per hour of labor and an 80% profit on parts. It estimates the total invoice cost of parts and materials in 2017 will be $734,000 Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 10.50.) Labor rate s Click if you would like to Show Work for this question: Open Show Work per hour