Exercise 22-9 Rey Custom Electronics (RCE) sells and installs complete security, computer, audio, and video systems for homes. On newly constructed homes it provides bids using time-and-material pricing. The following budgeted cost data are available. Material Loading Charges Charges Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs 34,700 10,800 15,37337,635 $164,186 83,135 Time 125,642 23,171 The company has budgeted for 5,530 hours of technician time during the coming year. It desires a $ 37.44 profit margin per hour of labor and an 80% profit on parts. It estimates the total invoice cost of parts and materials in 2017 will be $ 650,000 . Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 10.5o.) Labor rates per hour