Description: Choose one of the following service businesses that you can do for profit that involves billing customers for your time and the materials used.Car repair or some specific must involve parts and laborOutdoor fence building or repairWedding caterer food and time costsTwo things you need to have in your answer:1. Determine a labor rate to charge your customers. This rate should include not only the cost of your time working on the repair, but also the cost of your taxes, transportation, benefits, paperwork, etc, and also a profit for your business. List all these costs. The labor rate should be in the form of dollars per hour.2. Determine a material overhead rate to add to the cost of the parts you will need to use for the repair. For example, if you are going to build or repair a fence, you will have the cost of the lumber, but also a rate to add to that cost to cover time spent buying, picking up, storing, paperwork, etc. Again, list all these costs.