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Ex. 168 Forrest Painting Service has budgeted the following time and material for 2019: BUDGETED COSTS FOR 2019 Time Material Charges Charges Painters' wages and benefits $ 36,000 Service manager's salary and benefits $23,000 Office employee's salary and benefits 12,000 3,000 Cost of paint 50,000 Overhead (supplies, utilities, etc.) 16,000 8,500 Total budgeted costs $64.000 $84.500 Forrest budgets 4,000 hours of paint time in 2019 and will charge a profit of $12 per hour, in addition to a 25% markup on the cost of paint. On February 15, 2019, 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. Instructions 1. Compute the labor rate for 2019. 2. Compute the material loading charge rate for 2019. 3. Prepare a time-and-material price estimate for painting the building