Practice Problem 1 Sutton's Electronic Repair Shop has budgeted the following time and material for 2020. SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Time Charges $118,800 Material Loading Charges Shop employees wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Overhead (supplies, depreciation, advertising, utilities) Total budgeted costs 20,520 28,080 $167,400 $25,400 13,990 20,200 $59,590 Sutton's budgets 5,400 hours of repair time in 2020 and will bill a profit of $14 per labor hour along with a 21% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $101,000. On January 5, 2020, Sutton's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Sutton's estimates that this job will consume 9 hours of labor and $300 in parts. Compute the labor rate for Sutton's Electronic Repair Shop for the year 2020. (Round answer to 2 decimal places, e.g. 10.50.) Labour rate per hour Compute the material loading charge percentage for Sutton's Electronic Repair Shop for the year 2020 Material loading percentage Calculate the time-and-material price quotation for fixing the flat-screen TV Total price of labor and material