Grouper Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 is available for Grouper. The company desires a $34 profit margin per hour of labor and a 20% profit margin on parts. It has budgeted for 7,000 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2022 will be $408,000. Your answer is correct. Compute the rate charged per hour of labor. Labor rate $ per hour eTextbook and Media * Your answer is incorrect. Compute the material loading percentage. (Round answer to 3 decimal places, e.g. 10.501%.) Material loading percentage % eTextbook and Media Pace Corporation has requested an estimate to rebuild its spot welder. Grouper estimates that it would require 40 hours of labor and $2,000 of parts. Compute the total estimated bill. (Round answer to 2 decimal places, e.g. 10.50.) Total estimated bill $