Waterways uses time and material pricing when it bids on irrigation projects. Budgeted data for 2016 are as follows.

WATERWAYS CORPORATION Budgeted Costs for Irrigation Projects for 2016 Material Loading Charges Charges Time Labor wages (5,750 hours) Supervisor's salary Clerical and accountant wages Irrigation supplies manager Overhead $240,000 60,000 53,950 $ 60,000 4,000 40,000 21,000 $353,950 $125,000 Total waterways has budgeted for 5,750 labor hours. It desires a $14 profit margin per hour of labor and 16% profit on materials. It estimates the total invoice cost of materials in 2016 will be $640,000. xYour answer is incorrect. Try again. Compute the rate per hour of labor. (Round answer to 2 decimal places, e.g. 52.75.) Labor rate per hour