Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2020 is available for Second Chance. Time Charges $211,700 Material Loading Charges d benefits and benefits ry and benefits 43,800 29,200 $284,700 $39,300 11,140 29,120 $79,560 The company desires a $36 profit margin per hour of labor and a 22.00% profit margin on parts. It has budgeted for 7,300 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 $ 75 pei e Textbook and Media Assistance Used (b) Your answer is incorrect. Compute the material loading percentage. (Round answer to 3 decimal places, e.g. 10.501%.) Material loading percentage