Presented below are data for an electrical repair shop for next year. Wages Fringe benefits Overhead Time charge $250,000 100,000 50,000 Material loading charge 140,000 60,000 100,000 The rate charge per hour of labor is $70. The material loading charge is 40% of invoice cost of parts and materials. The shop estimates that 10,000 labor hours will be worked next year and the invoice cost of expected parts and materials was 2,000,000. 1. Calculate the desired profit margin per hour of labor (1.0 marks). 2. If the shop repairs a TV that takes 2.5 hours to repair and uses parts of $200, compute the bill for this job (1.0 marks).