Suburban Heating, Inc., installs heating systems in new homes built in suburban Philadelphia. Jobs are priced using the time and materials method. The following predictions pertain to the company's operations for the next year $ 31.00 peir hour Labor rate, including fringe benefits 20,000 hours Annual labor hours Annual overhead costs: Material handling and $ 65,800 storage $146,000 $329,000 Other overhead costs Annual cost of materials used The president of Suburban Heating, B. T. Ewing, is pricing a jobinvolving the heating systems for six houses to be built by a local developer. He has made the following estimates Material $80,000 cost Labor 500 hours Required Suburban Heating adds a markup of $4.00 per hour on its time charges, but there is no markup on material costs 1-a. Calculate the total time charge. (Round your answer to 2 decimal places.) Total time charges per hour 1-b. Calculate the material charge percentage Material charge