1. Gibco Service has budgeted the following time-and-material for 2019: Budgeted Costs For 2019 Time Charges $38,000 Material Charges Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint Overhead (supplies, utilities, etc.) 12,000 $24,000 3.000 60,000 7,500 11,000 Gibco budgets 4,200 hours of paint time in 2019 and will charge a profit of $10 per hour on the labour rate, in addition to a 25% mark-up on the cost of paint. On February 15, 2019, Gibco is asked to prepare a price estimate to paint a building. Gibco estimates that this job will take 12 labour hours and $700 in paint. Instructions Calculate the labour rate for 2019. b) Calculate the material loading charge rate for 2019. Prepare a time-and-materials price estimate for painting the building