Yelk Garage uses time and materials pricing. It is setting prices for next year using the following information: Labor rate, including fringe benefits Annual labor hours Annual materials purchases Materials purchasing, handling, and storage Overhead for depreciation, taxes, insurance, etc. Target profit margin for both labor and materials 60 per hour 3,000 hours $831,000 $ 52,000 $ 75,000 20 % What should Yelk set as the direct labor rate per hour?