HH Auto Repair reports the following information for the coming year. $ 48 per labor hour 11,200 hours $2,120,000 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) $ 233,200 $ 168,000 35 % 1. Compute the price (rate) per hour of direct labor. (Round your answer to 2 decimal places.) 2. Compute the materials markup (in %). 3. What price should the company quote for a job requiring four labor hours and $700 in parts? (Round your answer to 2 decimal places.) 1. Total labor rate per hour 2. Materials markup 3. Total price quote %