Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2020 is available for Second Chance. Material Time Loading Charges Charges Technicians' wages and benefits $213,300 Parts manager's salary and benefits $40,000 Office employee's salary and benefits 55,300 11,510 Other overhead 39,500 20,400 Total budgeted costs $308,100 $71.910 The company desires a $37 profit margin per hour of labor and a 26.00% profit margin on parts. It has budgeted for 7,900 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2020 will be $408,000. Compute the material loading percentage. (Round answer to 3 decimal places, e.g. 10.501%.) Material loading percentage %