Wasson’s Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Time
Charges Material
Loading
Charges
Restorers' wages and fringe benefits $292,600
Purchasing agent's salary and fringe benefits $69,930
Administrative salaries and fringe benefits 53,200 21,000
Other overhead costs 13,300 77,940
Total budgeted costs $359,100 $168,870

The company anticipated that the restorers would work a total of 13,300 hours this year. Expected parts and materials were $1,299,000.

In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labor rate was $69 and that the material loading charge was 82%.