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Exercise 10-15 Time and materials pricing A1 HH Auto Repair reports the following information for the coming year. $ 48 per labor hour 11,200 hours $2,120, cee Labor rate, including fringe benefits Annual labor hours Annual materials (parts) purchases Annual overhead costs Materials purchasing, handling, and storage other overhead (depreciation Insurance, taxes, rent) Target profit margin (on both labor and materials) $ 233,200 $ 168,000 35 % 1. Compute the price rate) per hour of direct lobor. (Round your answer to 2 decimal places.) 2. Compute the materials markup (in %). 3. What price should the company quote for a job requiring four lobor hours and $700 in parts? (Round your answer to 2 decimal places.) 1. Total labor rate per hour 2 Materials markup 3. Total price quote