Jaycee Auto Repair has the following budgeted costs for the next year: Material Charges Time Charges Shop employees' wages and benefits $120,000 $ Parts manager's salary and benefits 45,000 Office employee's salary and 30,000 15,000 benefits Other overhead 15,000 40,000 Invoice cost of parts and materials 400,000 Total budgeted costs $165,000 $500,000 Reference: Ref 1-3 The labor rate per hour to be used next year assuming 8,000 total hours of repair time for the year and a profit margin of $25 per labor hour is: Round to 2 decimal places