Current Attempt in Progress Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. Material Time Loading Charges Charges Restorers' wages and fringe benefits $294,000 Purchasing agent's salary and fringe benefits $69,150 Administrative salaries and fringe benefits 70,000 20,800 Other overhead costs 28,000 77,100 Total budgeted costs $392,000 $167,050 The company anticipated that the restorers would work a total of 14,000 hours this year. Expected parts and materials were $1,285,000. 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 $71 and that the material loading charge was 84%.