Wildhorse Remanufacturing rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 are available for Wildhorse: Time Charges Material Loading Charges Technicians' wages and benefits $192,240 Parts manager's salary and benefits $40,260 Office employee's salary and benefits 56,960 11,895 Other overhead 28,480 18,300 Total budgeted costs $277,680 $70,455 The company wants a $40 profit margin per hour of labour and a 20% profit margin on parts. It has budgeted for 7,120 hours of repair time in the coming year and estimates that the total invoice cost of parts and materials in 2022 will be $366,000. Calculate the rate charged per hour of labour. Rate charged $ 79 per hour b) Calculate the material loading percentage. (Round answer to 3 decimal places, e.g. 15.251%.) Material loading percentage %