Silver Spoon Service repairs commercial food preparation equipment. The following budgeted cost data is available for 2022: Time Material Charges Charges Technicians' wages and benefits $500,000 Parts manager's salary and benefits $72,000 Office manager's salary and benefits 112,000 18,000 Other overhead 48,000 135,000 Total budgeted costs $660,000 $225,000 Silver Spoon has budgeted for 10,000 hours of technician time during the coming year. It desires a $54 profit margin per hour of labor and a 40% profit margin on parts. Silver Spoon estimates the total invoice cost of parts and materials in 2022 will be $500,000. Instructions: Using the table below, compute the hourly rate charged per hour of labor. Please record the hourly rate in the space provided on the 2L