Exercise 23-15 Time and materials pricing A1 HH Auto Repair reports the following information for the coming year. Labor rate, including fringe benefits Annual labor hours Annual materials (parts) purchases Annual overhead costs: Materials purchasing, handling, and storage Other overhead (depreciation, insurance, taxes, rent) Target profit margin (on both labor and materials) $ 54 per labor hour 11,800 hours $2,180,000 $ 370,600 $188,800 33 1. Compute the price (rate) per hour of direct labor. (Round your answer to 2 decimal places.) 2. Compute the materials markup (in %). 3. What price should the company quote for a job requiring five labor hours and $760 in parts? (Round your answer to 2 decimal places.) 1. Total labor rate per hour 2. Materials markup 3. Total price quote %