Need some help with the Material Loading Percentage %, and the Profit Margin On Materials %

Thanks!

Flint's Electronic Repair Shop has budgeted the following time and material for 2022. Flint's ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2022 Time Charges Material Loading Charges Shop employee's wages and benefits $135,700 Parts manager's salary and benefits $29,972 Office employees' salary and benefits 23,600 16,048 Overhead (supplies, depreciation, advertising, utilities) 35,400 18,880 Total budgeted costs $194,700 $64,900 Flint's budgets 5,900 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 $118,000. On January 5, 2022, Flint's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Flint's estimates that this job will consume 4 hours of labor and $220 in parts. (a) Your answer is correct. Compute the labor rate for Flint's Electronic Repair Shop for the year 2022. (Round answer to O decimal places, e.g. 10.) Labor rate $ 43 per hour eTextbook and Media Attempts: 1 of 5 used (b) Compute the material loading charge percentage for Flint's Electronic Repair Shop for the year 2022. Material loading percentage %Sheffield's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Material Time Loading Charges Charges Restorers' wages and fringe benefits $290,400 Purchasing agent's salary and fringe benefits $74,250 Administrative salaries and fringe benefits 52,800 22,770 Other overhead costs 26,400 83,160 Total budgeted costs $369,600 $180,180 The company anticipated that the restorers would work a total of 13,200 hours this year. Expected parts and materials were $1,386,000. In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labor rate was $70.00 and that the material loading charge was 83.00%. (a) V Your answer is correct. Determine the profit margin per hour on labor. (Round intermediate calculations to 2 decimal places, e.g. 10.25 and final answer to O decimal places, e.g. 10.) Profit margin on labor $ 42 per hour e Textbook and Media Attempts: 1 of 5 used (b) Determine the profit margin on materials. (Round intermediate calculations and final answer to 2 decimal places, e.g. 10.25%.) Profit margin on materials %