Current Attempt in Progress Cullumber's Electronic Repair Shop has budgeted the following time and material for 2022: Time Charges Material Charges Shop employees' wages and benefits $109,270 $0 Parts manager's salary and benefits 0 22,400 Office employee's salary and benefits 21,070 14,400 Invoice cost of parts used 100,000 Overhead (supplies, amortization, advertising, utilities) 29,400 17,000 Total budgeted costs $159,740 $153,800 Cullumber's budgets 4,900 hours of repair time in 2022 and will bill a profit of $6 per labour hour along with a 24% profit markup on the invoice cost of parts. On January 5, 2022, Cullumber's is asked to submit a price estimate to fix a 72-inch big-screen TV. Cullumber's estimates that this job will consume 23 hours of labour and $620 in parts and materials. (a) Calculate the labour rate for Cullumber's Electronic Repair Shop for the year 2022. (Round answer to 2 decimal places, e.g. 15.25.) Labour rate $ eTextbook and Media Save for Later Attempts: 0 of 2 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attempt 1Current Attempt in Progress Indicate whether the following statements are true or false: 1. A budget is a formal written statement in nancial terms of management's plans for a specied future time period. ' 'I ' _ ! True I 2. Abudget Is prepared only onceayear. i . I l = False ! 3. A budget requires all levels of management to plan ahead and to formalize goals on a recurring basis; ' ' 4. The budget is an important basis for evaluating performance. V 5. The \"topdown\" approach to budgeting is called participative budgeting. V 6. Budgeting and longrange planning are the same. V 3'. Operating budgets are the individual budgets that are used to prepare the budgeted income statement. V 8. The purchases budget is the rst operating budget to be prepared. V 9. A merchandiser uses a merchandise purchases budget instead of a production budget. V eTextbook and Media 5a\". for Later Attempts: 0 of2 used U sing multiple attempts will impact your score. 10% score reduction after attempt 1