my work WS What orrect for the work you have completed so far. HH Auto Repair reports the following information for the coming year. $ 43 per labor hour 10,700 hours $2,070,000 Labor rate, including fringe benefits Annual labor hours Annual materials (parts) purchases Annual overhead costs: Materials purchasing, handling, and storage Other overhead (depreciation, insurance, taxes, rent) Target profit margin (on both labor and materials) $ $ 289,800 171,200 30 1. Compute the price (rate) per hour of direct labor. (Round your answer to 2 decimal places.) 2. Compute the materials markup (in %). 3. What price should the company quote for a job requiring five labor hours and $650 in parts? (Round your answer to places.) Answer is complete but not entirely correct. 1. 2. Total labor rate per hour Materials markup Total price quote $ 76.70 44 $ 1.242.80 % 3.