Ruby Corp is bidding on a design project for a new client. The total budgeted direct-labor costs for the firm are $400,000. The total budgeted indirect costs are $800,000. It is estimated that there are 10,000 billable hours in total. The budgeted indirect-cost rate is based on direct-labor cost. Compute the engineering firm bid on the project if the direct labor hours are estimated at 300 hours