TIME AND MATERIAL PRICING PROBLEM (see notes in Appendix A Module at Canvas) Dave's Electronic Repair Shop has budgeted the following time and material for 2015 Time Charges Material Loading Charges Shop employees' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Overhead (supplies, depreciation, advertising, utilities) 108,000 S 25,400 20,000 13,600 18,000 26,000 Total budgeted costs 154,000 $ 57,000 Dave's budgets 5000 hours of repair time in 2015 and will bill a profit of $5 per labor hour along with at 30 % profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $100,000. On January 2015, Dave's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Dave's estimates that this job will consume 20 hours of labor and $500 in parts. Required (be sure to use cell referencing and perform all calculations in the cells) 1. Compute the labor rate for Dave's Electronic Repair Shop for the year 2015 Compute the material loading charge percentage for Dave's Electronic Repair Shop for the year 2015. Prepare a time-and-material price quotation for fixing the flat-screen TV. 2. 3