Refer to the following data for Sydney Sailing Supplies: Exhibit 15-7 Time and Material Pricing ? - Sydney Sailing Supplies - Excel PAGE LAYOUT FORMULAS DATA REVIEW HOME INSERT X Sign in FILE VIEW G15 G fr G134614 A B D E F H 1 SYDNEY SAILING SUPPLIES 2 Price Quotation 3 Yacht Division: Repair Department 4 5 Time charges Labor time 200 hours 6 x Rate x $ 45 per hour 7 Total $ 9,000 8 9 Material charges Cost of materials for job $ 8,000 10 + Charge for material handling and storage 320 11 Total $ 8,320 12 13 Total price of job Time $ 9,000 14 Material 8,320 15 Total $ 17,320 16 17 *Charge for material handling and storage: 18 ($8,000 material cost) x ($.04 per dollar of material cost) = $320 19 Price Quotation READY + 145% Suppose the Repair Department of Sydney Sailing Supplies adds a markup of 5 percent on the material charges of a job (including the cost of material handling and storage). . Compute the new price to be quoted on the yacht refurbishment