Danolin signs is bidding on a painting buildings in a large apartment complex. The company had gathered the following information:

Estimated wages of 8 painters for the project 14,040

Estimated Labor hours for the entire company: 16,000

Estimated cost of fringes: 15% of labor

Desired profit margin per direct labor hour $12

Expected number of units to be produced and sold 800

The cost of paint and other materials is $9,400. The average hourly wage per employee is 18 per hour with 780 hours estimated for the project. The overhead rate is 20% of total labor costs (including fringes.) The material loading charge is 10%. How much is the bid price if time-and-material pricing is used?