Compute the material loading percentage.

Exercise M-8 (Part Level Submission) Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2017 is available for Second Chance Materia Loading Charges Chrges Time Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs $198,800 56,800 7,100 $262,700 $39,800 9,300 27,720 $76,820 The company desires a $35.00 profit margin per hour of labor and a 23.00% profit margin on parts. It has budgeted for 7,100 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2017 will be $396,000