Exercise M-9 (Part Level Submission) 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 Time Charges Material Loading Charges $131,350 Technicians' wages and benefits Parts manager's salary and benefits- Office employee's salary and benefits 25,652 Other overhead Total budgeted costs $34,200 17,180 42,205 $169,828 $93,585 12,826 The company has budgeted for 5,830 hours of technician time during the coming year. It desires a $37.72 profit margin per hour of labor and an 80% profit on parts. It estimates the total invoice cost of parts and materials in 2017 wil be $734,000 Your answer is correct. Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 1o.50.) Labor rate 66.85 per hour Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTIONSHOW ANSWER LINK TO TEXT VIDEOr SIMILAR EXERCISE Attempts: 1 of 5 used