Problem 21-03A 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 Material Loading Charges $97,650 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 20,250 21,600 $139,500 $25,400 17,440 16,320 $59,160 Sutton's budgets 4,500 hours of repair time in 2020 and will bill a profit of $14 per labor hour along with a 30% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $102,000. 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.g. 10.50.) Labour rates per hour LINK TO TEXT LINK TO VIDEO Compute the material loading charge percentage for Sutton's Electronic Repair Shop for the year 2020. Material loading percentage LINK TO TEXT LINK TO VIDEO 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