7. Panther Painting Service has budgeted the following time and material for 2020: BUDGETED COSTS FOR 2020 Time Material Charges Charges Painters' wages and benefits $ 38,000 Service manager's salary and benefits $23,000 Office employee's salary and benefits Cost of paint 12,000 3,000 60,000 Overhead (supplies, utilities, etc.) 16,000 8,500 Total budgeted costs $66,000 $94,500 Panther budgets 4,250 hours of paint time in 2020 and a profit of $12 per hour, in addition to a 25% markup on the cost of paint. On December 15, 2020, Panther was asked to prepare a price estimate to paint the de Mille Hall during winter break. Panther estimates that this job will take 24 labor hours and $1,500 in paint but will charge and extra $2 an hour as a risk premium above its normal profit for undertaking the work during the pandemic. Instructions a. Compute the basic labor rate for 2020. b. Compute the material loading charge rate for 2020. c. Prepare a time-and-material bid price for painting the building