Waterways Corporation competes in a market economy in which its products must be sold at market prices. Its emphasis is therefore on manufacturing its products at a cost that allows the company to earn its desired profit. This problem asks you to consider various pricing situations for Waterways' projects.

Waterways uses time and material pricing when it bids on irrigation projects. Budgeted data for $2022$ are as follows.

$\backslash$table$[[\backslash$table$[[$WATERWAYS CORPORATION$],[$Budgeted Costs for Irrigation Projects for $2022]]],[,\backslash$table$[[$Time$],[$Charges$]],\backslash$table$[[$Material$],[$Loading$],[$Charges$]]],[$Labor wages $(5,500$ hours$),$$$237,050,],[$Supervisor$\text{'}$s salary,,$$62,000$ Compute the rate per hour of labor