Problem 21-03A 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 Material Loading Charges $97,650 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 20,250 21,600 $139,500 $25,400 17,440 16,320 $59,160 Sutton's budgets 4,500 hours of repair time in 2020 and will bill a profit of $14 per labor hour along with a 30% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $102,000. 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 6 hours of labor and $400 in parts. x Your answer is incorrect. Try again. 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 Labour rate 1 4 2 per hour 42 per hour x Your answer is incorrect. Try again. Compute the material loading charge percentage for Sutton's Electronic Repair Shop for the year 2020. Material loading percentage 74|| % LINK TO TEXT LINK TO VIDEO * Your answer is incorrect. Try again. Calculate the time-and-material price quotation for fixing the flat-screen TV. Total price of labor and material 900 Click if you would like to Show Work for this question: Open Show Work