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 192,400 Technicians' wages and benefits1 Parts manager's salary and benefits Office employee's salary and benefits 44,400 Other overhead Total budgeted costs $40,600 7,910 29,600 27,440 $266,400 $75,950 The company desires a $ 34 profit margin per hour of labor and a 20.00% 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 $ 392,000. Compute the rate charged per hour of labor Labor rate$ per hour Compute the material loading percentage. (Round answer to 3 decimal places, eg. 10.501%) Material loading percentage