Rey Custom Electronics (RCE) sells and installs complete security, computer, audio, and video systems for homes. On newly constructed homes it provides bids using time-and-material pricing. The following budgeted cost data are available. Time Material Loading Charges Charges Technicians' wages and benefits $166,400 Parts manager's salary and benefits $34,700 Office employee's salary and benefits 30,080 6,880 Other overhead 14,720 41,580 Total budgeted costs $211,200 $83,160 The company has budgeted for 6,400 hours of technician time during the coming year. It desires a $38 profit margin per hour of labor and an 80% profit on parts. It estimates the total invoice cost of parts and materials in 2020 will be $693,000. Your answer is incorrect. Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 10.50.) Labor rate $ 71 per hour