Problem 8-3A Jose's Electronic Repair Shop has budgeted the following time and material for 2014 Jose's Electronic Repair Shop Budgeted Costs for the Year 2014 Material Loading Charges Time 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 $115,194 18,410 25,248 $158,852 $24,906 14,614 19,760 $59,280 Jose's budgets 5,260 hours of repair time in 2014 and will bill a profit of $4 per labor hour along with a 27% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $104,000 On January 5, 2014, Jose's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Jose's estimates that this job will consume 7 hours of labor and $521 in parts Your answer is incorrect. Try again Compute the labor rate for Jose's Electronic Repair Shop for the year 2014. (Round answer to 2 decimal places, e.g. 10.50.) Labour rate 30.20 per hour