Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2020 is available for Second Chance. Time Charges $238.000 Material Loading Charges Technicians wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs 49,000 35,000 $322,000 $40,100 7,430 27.440 $74.970 The company desires a $37 profit margin per hour of labor and a 20.00% profit margin on parts. It has budgeted for 7.000 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. (a) Compute the rate charged per hour of labor. Laborrate per hour