SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Material Loading Charges Time Charges Shop employees' wages and benefits $108,000 Parts manager's salary and benefits $25,400 23,500 13,600 Office employee's salary and benefits 26,000 Overhead (supplies, depreciation, advertising, utilities) 16,000 $55,000 Total budgeted costs $157,500 Sutton's budgets 5,000 hours of repair time in 2020 and will bill a profit of $10 per labor hour along with a 25% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $100,000. On January 5, 2020, Sutton's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Sutton's estimates that this job will consume 4 hours of labor and$200 in parts (a) XYour answer is incorrect. Try again Compute the labor rate for Sutton's Electronic Repair Shop for the year 2020. (Round answer to 2 decimal places, e.g. 10.50.) 63 per hour Labour rate