Flounder Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 is available for Flounder.

			Time Charges			Material Loading Charges
	Technicians' wages and benefits		$237,000				-
	Parts manager's salary and benefits		-				$39,100
	Office employee's salary and benefits		71,100				8,900
	Other overhead		39,500				19,200
	Total budgeted costs		$347,600				$67,200

The company desires a $34 profit margin per hour of labor and a 21% 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 2022 will be $384,000.

(a)

Compute the rate charged per hour of labor.

Labor rate

$enter the labour rate per hour in dollars

per hour

(b)

Compute the material loading percentage. (Round answer to 3 decimal places, e.g. 10.501%.)

Material loading percentage

enter the material loading percentage rounded to 3 decimal places