Assume the following (T&M Contract): A budget has been established to install 400 ft of pipe at an estimated 150 man hours and a billable cost of $5,040 (note: bare labor cost is $3,360). The original schedule planned for 80 ft of pipe to be installed per day by a 3-man crew working an 8-hour shift. The job was scheduled to start on Monday and finish on Friday. On Monday 60 ft of pipe was installed. On Tuesday 70 ft of pipe was installed and on Wednesday 50 ft of pipe was installed. Actual cumulative man hours incurred to-date is 72 hrs. Note: Assume that $1,000 has been billed to the client to-date. What is the current earned dollar value of the work in place (completed)? a. $1.780 b. $2,268 c. $4,500.50 d. $2,800.27