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. Material Loading Charges Time Charges Technicians' wages and benefits $157,636 Parts manager's salary and benefits $33,100 Office employee's salary and benefits 24,522 18,420 Other overhead 11,829 41,069 Total budgeted costs $193,987 $92,589 The company has budgeted for 5,770 hours of technician time during the coming year. It desires a $37.24 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 $736,000. Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 10.50.) Labor rate per hour Compute the material loading percentage. (Round answer to 2 decimal places, e.g. 10. 50.) Material loading percentage RCE has just received a request for a bid from Buil Builders on a $1,224,000 new home. The company estimates that it would require 84 hours of labor and $36,200 of parts. Compute the total estimated bill. (Round answer to 2 decimal places, e.g. 10.50.) Total estimated bill Open Show Work Click if you would like to Show Work for this