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Exercise 168 (Part Level Submission) Forrest Painting Service has budgeted the following time and material...

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Exercise 168 (Part Level Submission) Forrest Painting Service has budgeted the following time and material for 2016: BUDGETED COSTS FOR 2016 Time Charges Material Charges Painters wages and benefits Service manager's salary and benefits Office employee's salary and benefits Cost of paint Overhead (supplies, utilities, etc.) Total budgeted costs $36,000 23,000 3,000 0,000 8,500 $84,500 12,000 16,000 $64,000 Forrest budgets 4,000 hours of paint time in 2016 and will charge a profit of $12 per hour, in addition to a 25% markup on the cost of paint. On February 15, 2016, Forrest is asked to prepare a price estimate to paint a building. Forrest estimates that this job will take 12 labor hours and $500 in paint (al) Compute the labor rate for 2016 Labor rate

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