Sheffield Custom Electronics $($RCE$)$ sells and installs complete security, computer, audio, and video systems for homes. On newly

constructed homes it provides bids using time$-$and$-$material pricing. The following budgeted cost data are available.

The company has budgeted for $6,875$ hours of technician time during the coming year. It desires a $$38$ profit margin per hour of labor

and an $80\%$ profit on parts. It estimates the total invoice cost of parts and materials in $2022$ will be $$770,000.$

$($a$)$

Compute the rate charged per hour of labor. $($Round answer to $2$ decimal places, e$.$g$.10\mathrm{.}50.)$

Labor rate $$,$ per hour

Attempts: $0$ of $1$ used