Ignatenkos Custom Electronics (ICE) 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		$156,800
Parts managers salary and benefits					$37,962
Office employees salary and benefits		40,880			19,684
Other overhead		12,880			44,992
Total budgeted costs		$210,560			$102,638

The company has budgeted for $5,600 hours of technician time during the coming year. It desires a $39 profit margin per hour of labor and a 95% profit on parts. It estimates the total invoice cost of parts and materials in 2014 will be $703,000.

Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 15.25.)

Rate charged per hour of labor

$

Compute the material loading percentage. (Round answer to 2 decimal places, e.g. 15.25%.)

Material loading percentage

%

ICE has just received a request for a bid from Buil Builders on a $1,200,000 new home. The company estimates that it would require 80 hours of labor and $40,000.00 of parts. Compute the total estimated bill. (Round answer to 2 decimal places, e.g. 15.25.)

Total estimated cost

$