Shale Remodeling uses time and materials pricing. It is setting prices for next year using the following information: Labor rate, including fringe benefits Annual labor hours Annual materials purchase Materials purchasing, handling, and storage Overhead for depreciation, taxes, insurance, etc. Target profit margin for both labor and materials 86 per hour 7,380 hours $1,306,250 $ 261,250 $ 919,800 25 % What should Shale set as rate per hour of labor hour? Multiple Choice $290 $240