Crane Painting Service has budgeted the following time and material for 2022:

BUDGETED COSTS FOR 2022
		Time Charges			Material Charges
Painters' wages and benefits		$37,440
Service manager's salary and benefits					$23,920
Office employee's salary and benefits		12,480			3,120
Cost of paint					52,000
Overhead (supplies, utilities, etc.)		16,640			8,840
Total budgeted costs		$66,560			$87,880

Crane budgets 4,000 hours of paint time in 2022 and will charge a profit of $12.00 per hour in addition to a 20% markup on the cost of paint. On February 15, 2022, Crane is asked to prepare a price estimate to paint a small building. Crane estimates that this job will take 12 labor hours and $520.00 in paint.