Ronnie's Repair Company provides repair services for small engines and uses time and materials pricing. The company has budgeted the following costs for next year: Mechanics wages and benefits Other repair costs, except for parts-related costs Costs of ordering, handling, and storing parts $900,000 $450,000 40% of invoice cost In total, the company expects to have 50,000 hours of billable repair time next year. According to competitive conditions, the company believes it should aim for a profit of $8 per hour of each mechanic's time. The competitive markup on parts is 40% of invoice cost. Required: 1. Compute the time rate and the materials loading charge that would be used to bill jobs. Time rate Material loading charge $ 20 80% of invoice cost 2. One of the company's mechanics has just completed a repair job that required 12 hours of time and $100 in parts (invoice cost). Compute the amount that would be billed for the job. Bill for the job $ 492