Novak Custom Electronics (RCE) sells and installs complete security, computer, audio, and video systems for homes. On newly constructed homes it provides bids using time-and-material pricing. The following budgeted cost data are available. Time Material Loading Charges Charges Technicians' wages and benefits $150,000 Parts manager's salary and benefits $34,000 Office employee's salary and benefits 31.250 15,000 Other overhead 18,750 42.000 Total budgeted costs $200,000 $91,000 The company has budgeted for 6.250 hours of technician time during the coming year. It desires a $38 profit margin per hour of labor and an 84% profit on parts. It estimates the total invoice cost of parts and materials in 2022 will be $700,000.