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Computer Repair Inc. uses time and materials pricing, and each year it reviews its rates in light of the actual costs incurred in the prior year. Actual costs incurred last year in connection with repair work and in connection with the company's parts inventory are shown below. Customers were billed for 20,000 hours of repair work last year. The Company has a target prot of $10 per hour of repair service time and a target profit of 40% ofthe invoice cost of parts used. During the past year, the company billed repair service time at $50 per hour and added a materials loading charge of40% to parts. Management feels these rates may now be inadequate, since costs have risen somewhat over the last year. Repairs Parts Repair technicianswages $430,000 Repair service manager-salary 56,000 Parts managersalary S 60,000 Repairs and parts assistantsalary 28,800 7,500 Retirement benefits (20% of salaries and wages) 112,960 13,500 Health insurance (5% of salaries and wages) 25,240 3,375 Utilities 120,000 24,000 Truck operating costs 19,200 Property taxes 9,200 5,400 Liability and fire insurance 6,720 3,000 Supplies 1,200 225 Rentbuilding 35 , 400 33 , 000 Depreciationtrucks and equipment 59,200 Invoice cost of parts used 600,000 Total costs for the year $960,000 $750,000 Required: 1. Using the above data, compute the following: a. The rate that would be charged per hour of repair service time using time and materials pricing. Cost of repair service time per hour per hour Cost of materials pricing b. The materials loading charge that would be used in billing jobs. The materials loading charge should be expressed as a percentage of the invoice cost. Total materials loading bill -- Total materials loading charge -- 2. Assume that the company adopts the rates that you have computed in (1) above. What should be the total price charged on a repair job that requires 6 hours of service time and parts with an invoice cost of $500? _:I