Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 is available for Second Chance. Time Charges Material Loading Charges $228,000 $42,500 Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs 38,000 9,000 15.200 24,000 $281,200 $75,500 The company desires a $30 profit margin per hour of labor and a 20% profit margin on parts. It has budgeted for 7.600 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2022 will be $400,000. (a) Compute the rate charged per hour of labor. Labor rate $ $ per hour