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

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Waterways uses time and material pricing when it bids on irrigation projects. Budgeted data for the coming year are as follows. WATERWAYS CORPORATION Budgeted Costs for Irrigation Projects Time Charges $243,000 Material Loading charges Labor wages (6,000 hours) Supervisor's salary Clerical and accountant wages Irrigation supplies manager Overhead 58,800 $57,000 3,000 41,000 21,140 $122, 140 57,000 $358,800 Total Waterways has budgeted for 6,000 labor hours. It desires a $15 profit margin per hour of labor and 16% profit on materials. It estimates the total invoice cost of materials in the coming year will be $620,000. x Your answer is incorrect. Try again. Compute the rate per hour of labor. (Round answer to 2 decimal places, e.g. 52.75.) Labor rate 40.50 per hour LINK TO TEXT * Your answer is incorrect. Try again. Compute the material loading charge. (Round answer to 2 decimal places, e.g. 52.75%.) Material loading charge 103.33

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