A contractor originally estimated the total cost of a job including labor and materials at $74,800. Because of increasing costs, a new estimate of $81,400 is made, increasing the labor cost by 12.0% and the material cost by 8.50%. What is each cost, labor and materials, of the new estimate? Round the answers to the nearest ten dollars.
Fill in the blank(s) with the appropriate word(s).
$7,740 for labor $73,660 for materials
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