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.

		Time Charges			Material Loading 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.

(a)

Compute the rate charged per hour of labor. (Round answer to 2 decimal places, e.g. 10.50.)

Labor rate

$enter the labor rate per hour in dollars rounded to 2 decimal places

per hour