Q1. The following data are extracted from the current year's budget of GHI Limited. Direct labour hours Hourly wage rate Production overheads Machine Shop 20,000 $3.25 $70,000 Assembly Shop 18,000 $3.10 $45,000 Finishing Shop 10,000 $3.00 $20,000 A customer has requested a quotation for supplying a special piece of equipment and the estimator has worked out the following details: Components to be purchased Materials from store Direct labour hours - Machining Assembly Finishing $216 $270 80 hours 40 hours 30 hours $60 Delivery cost to customer Production overheads are absorbed on the basis of direct labour hours. Administrative and marketing costs are covered by adding 5% to the manufacturing costs. 12.5% is added to the total cost (including delivery) for profit. Required: Calculate the price to be quoted to the customer (20 marks)