Just need help with b).

Padong Remanufacturing rebuilds spot welders for manufacturers. The following budgeted cost data for 2020 are available for Padong: Time Charges Material Loading Charges $245,830 Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead 47,580 31,720 $325,130 $36,860 16,490 25,220 $78,570 Total budgeted costs The company wants a $30 profit margin per hour of labour and a 25% profit margin on parts. It has budgeted for 7,930 hours of repair time in the coming year and estimates that the total invoice cost of parts and materials in 2020 will be $388,000. v (a) Your answer is correct. Calculate the rate charged per hour of labour. 71 Rate charged per hour SHOW SOLUTION LINK TO TEXT Attempts: 1 of 3 used (b) X Your answer incorrect. Try again. Calculate the material loading percentage. (Round answer to 3 decimal places, e.g. 15.251%.) Material loading percentage 20.25