Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2020 is available for Second Chance. The company desires a $40 profit margin per hour of labor and a 28.00% profit margin on parts. It has budgeted for 7,400 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2020 will be $416,000. Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 10.50.) Labor rate $ per hour Compute the material loading percentage. (Round answer to 3 decimal places, e.g. 10.501.) Material loading percentage %