Problem M-3 (Part Level Submission) Sutton's Electronic Repair Shop has budgeted the following time and material for 2017 SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2017 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 $109,950 20,250 26,500 $156,700 $25,400 16,830 16,480 58,710 Sutton's budgets 5,000 hours of repair time in 2017 and will bill a profit of9 per labor hour along with a 24 % profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $ 103,000 On January 5, 2017, Sutton's is asked to submit a price estimate to fix a 72-inch flat-screen T. Sutton's estimates that this job will consume 5 hours of labor and350 in parts. Your answer is correct. Compute the labor rate for Sutton's Electronic Repair Shop for the year 2017. (Round answer to 2 decimal places, e.g. 10.so.) Labour rate 40.34 per hour Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTIONSHOW