2. AFS and associates, a local engineering firm and our client is bidding on a design project for a new client. The total budgeted direct-labor costs for the firm are $400,000. The total budgeted indirect costs are $600,000. It is estimated that there are 8,000 billable hours in total. You have been asked to calculate the budgeted direct-labor cost rate and the budgeted indirect-cost rate assuming direct- labor cost is the allocation base. You have also been asked to determine what AFS should bid on the project if the direct labor hours are estimated at 300 hours.