Monty's Electronic Repair Shop has budgeted the following time and material for 2022. MARTINEZ'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2022 Time Charges Material Loading Charges Shop employees' wages and benefits $112,700 Parts manager's salary and benefits $24,892 Office employee's salary and benefits . 19,600 13,328 Overhead (supplies, depreciation, advertising, utilities) 29,400 15,680 Total budgeted costs $161,700 $53,900 Monty's budgets 4,900 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 $98,000. On January 5, 2022, Monty's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Monty's estimates that this job will consume 4 hours of labor and $180 in parts, (a) Compute the labor rate for Monty's Electronic Repair Shop for the year 2022. (Round answer to 2 decimal places, e.g. 10.50) Labor rate per hour Textbook and Media Save for Later Attempts: unlimited Submit