Exercise 23 Forrest Painting Service has budgeted the following time and material for 2013: BUDGETED COSTS FOR 2013 Time Charges $36,000 Material Charges Painters' wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint Overhead (supplies, utilities, etc.) Total budgeted costs $23,000 3,000 50,000 8,500 $84,500 12,000 16,000 $64,000 Forrest budgets 4,000 hours of paint time in 2013 and will charge a profit of $12 per hour, in addition to a 25% markup on the cost of paint. On February 15, 2013, Forrest is asked to prepare a price estimate to paint a building. Forrest estimates that this job will take 12 labor hours and $500 in paint. Compute the labor rate for 2013 Labor rate