Swifty Corporation provides financial consulting and has collected the following data for the next year's budgeted activity for a lead consultant, the company employs time and materials pricing. Consultants' wages $85000 Fringe benefits $12500 Related overhead $7500 Materials clerk's wages $17000 Fringe benefits $3000 Related overhead $19000 Profit margin per hour $20 Profit margin on materials 15% Total estimated consulting 5000 hours Total estimated material costs $160000 The labor rate per hour is