Padong Remanufacturing rebuilds spot welders for manufacturers. The following budgeted cost data for 2020 are available for Padong:

Time ChargesMaterial Loading

Charges

Technicians' wages and benefits

$192,240Parts manager's salary and benefits

$40,260Office employee's salary and benefits

56,96011,895Other overhead

28,480

18,300Total budgeted costs

$277,680$70,455

The company wants a $40 profit margin per hour of labour and a 20% profit margin on parts. It has budgeted for 7,120 hours of repair time in the coming year and estimates that the total invoice cost of parts and materials in 2020 will be $366,000.

Rate charged 79$ per hour

Calculate the material loading percentage.