Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2020 is available for Second Chance. Time Charges $260,700 Material Loading Charges Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs 55,300 15,800 $331,800 $40,300 10,660 29,120 $80,080 The company desires a $38 profit margin per hour of labor and a 24.00% 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 $416,000. (a) Your answer is correct. Compute the rate charged per hour of labor. Labor rate $ 80 per hour e Textbook and Media Attempts: 1 of 5 used (b) Your answer is incorrect. Compute the material loading percentage. (Round answer to 3 decimal places, e.g. 10.501%.) Material loading percentage 43.25 % e Textbook and Media Save for Later Last saved 2 minutes ago. Attempts: 1 of 5 used Submit Answer Saved work will be auto-submitted on the due date