Marigold's Electronic Repair Shop has budgeted the following time and material for 2022. Marigold 'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2022 Time Charges Material Loading Charges Shop employees' wages and benefits $103,400 Parts manager's salary and benefits $23,876 Office employee's salary and benefits 23,500 12,784 Overhead (supplies, depreciation, advertising, utilities) 28,200 15,040 Total budgeted costs $155,100 $51,700 Marigold's budgets 4,700 hours of repair time in 2022 and will bill a profit of $10 per labor hour along with a 25% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $94,000. On January 5, 2022, Marigold's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Marigold's estimates that this job will consume 4 hours of labor and $180 in parts. (a) Compute the labor rate for Marigold's Electronic Repair Shop for the year 2022. (Round answer to 2 decimal places, e.g. 10.50.) Labor rate $ per hour