Helps Exercise 23-15 Time and materials pricing A1 HH Auto Repair reports the following information for the coming year. Labor rate, including fringe benefits Annual labor hours Annual materials (parts) purchases - Annual overhead costs: Materials purchasing, handling, and storage Other overhead (depreciation, insurance, taxes, rent) Target profit margin (on both labor and materials) 54 per labor hour 11,800 hours $2,180,000 $ $ 370,600 188,800 33 1. Compute the price (rate) per hour of direct labor. 2. Compute the materials markup (in %). 3. What price should the company quote for a job requiring five labor hours and $760 in parts? 1. Total labor rate per hour 2. Materials markup 3. Total price quote