Suttons Electronic Repair Shop has budgeted the following time and material for 2017.

SUTTONS ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2017
		Time Charges			Material Loading Charges
Shop employees wages and benefits		$105,500
Parts managers salary and benefits						$25,400
Office employees salary and benefits		21,500				15,600
Overhead (supplies, depreciation, advertising, utilities)		28,150				20,000
Total budgeted costs		$155,150				$61,000

Suttons budgets 5,000 hours of repair time in 2017 and will bill a profit of $11 per labor hour along with a 29% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $100,000. On January 5, 2017, Suttons is asked to submit a price estimate to fix a 72-inch flat-screen TV. Suttons estimates that this job will consume 6 hours of labor and $370 in parts.

Compute the labor rate for Suttons Electronic Repair Shop for the year 2017. (Round answer to 2 decimal places, e.g. 10.50.)

Labour rate

$

per hour

Compute the material loading charge percentage for Suttons Electronic Repair Shop for the year 2017.

Material loading percentage

%

Calculate the time-and-material price quotation for fixing the flat-screen TV. (Round answer to 2 decimal places, e.g. 10.50.)

Total price of labor and material

$