Indigo's Electronic Repair Shop has budgeted the following time and material for 2022. Indigo's ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2022 Shop employee's wages and benefits Time Charges Material Loading Charges $120,000 Parts manager's salary and benefits $30,480 Office employees' salary and benefits 30,000 16,320 Overhead (supplies, depreciation, advertising, utilities) 36,000 19,200 Total budgeted costs $186,000 $66,000 Indigo's budgets 6,000 hours of repair time in 2022 and will bill a profit of $10 per labor hour along with a 25% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $120,000. On January 5, 2022, Indigo's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Indigo's estimates that this job will consume 4 hours of labor and $240 in parts.