Forrest Painting Service has budgeted the following time and material costs for the upcoming period: Time Charges Material Charges $36.000 $23,000 Painters' wages and benefits Service Manager's salary and benefits Office employees' salaries and benefits Other Costs Total Budgeted Costs 12.000 3,000 16,000 $64,000 8,500 $34,500 Forrest budgets 4,000 hours of paint time and desires a $12 per hour profit. The estimated cost of the paint to be used in the upcoming period is $50,000 and Forrest desires an additional 25% profit on the cost of the paint. 1. The labor rate per hour of paint time will be (type in your total labor rate per hour of paint time) 2. The material loading charge will be (type in your material loading charge) 3. The estimated selling price of a job requiring 12 hours of paint time and paint costing $500 would be (type in your estimated selling price)