Sutton's Electronic Repair Shop has budgeted the following time and material for 2020. SUTTON'S ELECTRONIC REPAIR SHOP Budgeted Costs for the Year 2020 Shop employees' wages and benefits Time Charges Material Loading Charges $101,050 Parts manager's salary and benefits $25,400 Office employee's salary and benefits 20,210 14,380 Overhead (supplies, depreciation, advertising, utilities) 24,440 16,320 Total budgeted costs $145,700 $56,100 Sutton's budgets 4,700 hours of repair time in 2020 and will bill a profit of $14 per labor hour along with a 27% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $102,000. On January 5, 2020, Sutton's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Sutton's estimates that this job will consume 6 hours of labor and $200 in parts.