Exercise M-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 Time Charges Material Loading Charges Technicians' wages and benefits $145,292 Parts manager's salary and benefits Office employee's salary and benefits 27,562 Other overhead Total budgeted costs $34,100 6,160 41,401 $188,417 81,661 15,563 The company has budgeted for 5,940 hours of technician time during the coming year. It desires a $38.88 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 $671,000 Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 10.50.) Labor rate s per hour