Repair Shop Co provides electronic repairs and has the following budget for next year. Repair technicians' wages $420,000 Repair service manager salary 45,000 Parts manager salary 40,000 Repair shop operating costs 180,000 Parts ordering costs 10,000 Parts handling costs 30,000 Invoice cost of parts used 260,000 Total billable hours for repair 12,000 hrs The company has a target profit of $6 per hour of repair time and 20% of the invoice cost of parts used Required Calculate the time rate and the materials loading charge that would be used to bill customers. (7 marks)