Practice Problem 1 Sutton's Electronic Repair Shop has budgeted the following time and material for 2020. SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Time Charges $105,500 Material Loading Charges Shop employees' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Overhead (supplies, depreciation, advertising, utilities) Total budgeted costs 21.500 28,000 $ 155,000 $25,400 15,600 20.000 $61,000 Sutton's budgets 5,000 hours of repair time in 2020 and will bill a profit of sul per labor hour along with a 29% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $100,000 On January 5, 2020, Sutton's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Sutton's estimates that this job will consume 6 hours of labor and $400 in parts. Compute the labor rate for Sutton's Electronic Repair Shop for the year 2020. (Round answer to 2 decimal places, e.. 10.50.) Labour rate per hour Compute the material loading charge percentage for Sutton's Electronic Repair Shop for the year 2020. Material loading percentage Calculate the time and material price quotation for fixing the flat-screen TV. Total price of labor and material Click if you would like to show Work for this question: Open Show Work I wou will leam while you earn points based on the Point Potential Policy set by your instructor