Please explain. For number 3, the answer is hard. Previous chegg said its 1295 but that is incorrect. Please show working.

9 Exercise 23-15 Time and materials pricing A1 HH Auto Repair reports the following information the coming year. 1.12 points $ 48 per labor hour 11, 200 hours $2,120,000 eBook 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) $ $ 233,200 168,000 35 $ Print References 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 four labor hours and $700 in parts? (Round your answer to 2 decimal places.) $ 63.00 1 Total labor rate per hour 2. Materials markup 3. Total price quote 46%