Exercise 2-18 Job order costing for services A1 Hansel Corporation has requested bids from several architects to design its new corporate headquarten Frey Architects is one of the firms bidding on the job. Frey estimates that the job will require the folkve ing direct labor Hourly Rate Labor 2 Architects 3 Staff 4 Clerical Estimated Hours 150 300 500 $300 75 20 Frey applies overhead to jobs at 175% of direct labor cost. Frey would like to earn at least $8000 pref on the architectural job. Based on past experience and market research, it estimates that the competito will bid between $285,000 and $350,000 for the job 1. What is Frey's estimated cost of the architectural job? 2. What bid would you suggest that Frey submit? Check (1) $213,125