Sheffield 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. Material Time Loading Charges Charges Technicians' wages and benefits $165,000 Parts manager's salary and benefits $37,400 Office employee's salary and benefits 34,375 16,500 Other overhead 20,625 46,200 Total budgeted costs $220,000 $100,100 The company has budgeted for 6,875 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 2022 will be $770,000.Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 10.50.) Labor rate per hour Compute the material loading percentage. Material loading percentage