Shale Remodeling uses time and materials pricing. It is setting prices for next year using the following information: Labor rate, including fringe benefits $ 80 per hour Annual labor hours 6,700 hours Annual materials purchase $ 1,246,250 Materials purchasing, handling, and storage $ 249,250 Overhead for depreciation, taxes, insurance, etc. $ 750,400 Target profit margin for both labor and materials 25 % What should Shale set as rate per hour of labor hour?