Ivanhoe Painting Service has budgeted the following time and material for 2022: BUDGETED COSTS FOR 2022 Time Charges Material Charges $30,960 $19.780 10,320 2580 Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint Overhead (supplies, utilities, etc.) Total budgeted costs 43,000 13,760 7,310 $55,040 $72,670 Ivanhoe budgets 4,000 hours of paint time in 2022 and will charge a profit of $12.00 per hour in addition to a 20% markup on the cost of paint On February 15, 2022, Ivanhoe is asked to prepare a price estimate to paint a small building. Ivanhoe estimates that this job will take 12 labor hours and $430.00 in paint (a 1) Compute the labor rate for 2022. (Round answer to 2 decimal places, eg. 52.75.) Laborrate s