P9.54B Service (LO 5) Lemond Bike Repair Shop has budgeted the following time and material for 2020: Time Charges Material Charges $36,000 Shop employees' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Overhead (supplies, amortization, advertising, utilities) Total budgeted costs $20,000 10,000 15,000 15,000 19,000 $70,000 $45,000 Lemond budgets 2,500 hours of repair time in 2020. It will bill a profit of $5 per labour hour along with a 15% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $75,000. On January 5, 2020, Lemond is asked to submit a price estimate to fix an Alpine mountain bike. Lemond estimates that this repair will consume four hours of labour and $200 in parts and materials. Instructions a. Calculate the labour rate for Lemond Bike Repair Shop for 2020. b. Calculate the material loading charge percentage for Lemond Bike Repair Shop for 2020. (Round to three decimal places.) c. Prepare a time-and-material price quotation for the repair of the Alpine mountain bike. $482