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EcoHousing Limited has decided to bid on a government contract to build roofing for 700 tiny houses in the parish of Westmoreland as investment properties for Jamaicans. They have all the required skilled labor in-house. The accountant wants to know what the cost will be in order to bid on the contract. He understands the principle of the learning curve and wants to utilize that approach so that he can compete with the lowest bid for providing roofs for the tiny houses. He estimates that the first roof should take 40 man-hours to build and from there on an 80% learning curve is expected. After 300 roofs are installed the learning rate will stop and the time taken for the 300" roof will be the time taken for all remaining roofs. The labor cost is $20 per hour. Overheads are absorbed on a labor-hour basis. The accountant collected overhead information for the last four months and this is shown below. Month 1 Month 2 Month 3 Month 4 Hours worked 10,600 9,700 8,500 12,800 Overhead cost $ 113,600 108,200 101,000 126,800 The company normally works around 150,000 labor hours in a year. The high low method will be used to analyze overheads. The learning curve equation is y = ax b = Log learning rate/log 2 = -0.3219281 Required: (a) Calculate the total costs including all overheads for EcoHousing Limited that it can use as a basis to bid for the roofing contract. (22 marks) (b) If the third and fourth roofs are expected to take 38.4 hours to install, demonstrate how the learning rate of 80% has been calculated