Exercise 9 Engineer Co. is submitting a bid for a major job and estimates the following direct labor costs: Engineers Drafters Hours 210 140 350 Hourly Rate $ 250.00 $ 120.00 $ 20.00 Staff Engineer Co. has no direct material costs and applies overhead at a rate of 150% of direct labor cost. It estimates the competition will bid between $223177.5 and $272772.5. a) What is the estimated cost of direct labor for the job? b) What is the estimated cost of the job? c) What should it bid to earn a 30% profit on cost