1. Marko Painting has budgeted the following time-and-material for 2020: Budgeted Costs For 2020 Time Charges $61,000 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 $64,000 $5,500 $70,000 $7,500 $11,000 Marko budgets 4,200 hours of paint time in 2020 and will charge a profit of $8 per hour on the labour rate, in addition to a 15% mark-up on the cost of paint. On February 15, 2020, Marko is asked to prepare a price estimate to paint a building. Marko estimates that this job will take 15 labour hours and $600 in paint. Instructions Calculate the labour rate for 2020. Calculate the material loading charge rate for 2020. What is the planned profit for the year? d) Prepare a time-and-materials price estimate for painting the building