Yelk Garage uses time and materials pricing. It is setting prices for next year using the following information: Labor rate, including fringe benefits $ 72 per hour Annual labor hours 3,150 hours Annual materials purchases $ 838,000 Materials purchasing, handling, and storage $ 59,000 Overhead for depreciation, taxes, insurance, etc. $ 88,200 Target profit margin for both labor and materials 20 % What should Yelk set as the direct labor rate per hour
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