18. Forrest Painting Service has budgeted the following time and material for 2019: BUDGETED COSTS FOR 2019 Time Charges Material Charges $ 36,000 12,000 Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint Overhead (supplies, utilities, etc.) Total budgeted costs $23,000 3,000 50,000 8.500 $84.500 16.000 $64.000 Forrest budgets 4,000 hours of paint time in 2019 and will charge a profit of $12 per hour, in addition to a 25% markup on the cost of paint. On February 15, 2019, Forrest is asked to prepare a price estimate to paint a building. Forrest estimates that this job will take 12 labor hours and $500 in paint. Instructions 1. Compute the labor rate for 2019. 2. Compute the material loading charge rate for 2019. 3. Prepare a time-and-material price estimate for painting the building. 19. Walt Bach Company has accumulated the fol pany has accumulated the following budget data for the year 2019, 1. Sales: 40,000 units, unit selling price $50. of one unit of finished goods: Direct materials 2 pounds at $5 per pound, labor 1.5 hours at $12 per hour, and manufacturing overhead $6 per direct labor hour. Simventories (raw materials only): Beginning, 10,000 pounds; ending, 15,000 pounds. 4. Raw materials cost: $5 per pound. 5. Selling and administrative expenses: $200,000. 6. Income taxes: 30% of income before income taxes. Instructions (a) Prepare a schedule showing the computation of cost of goods sold for 2019. (b) Prepare a budgeted income statement for 2019