Electrify My Wheels (EMW) performs electric vehicle conversions on customers' vintage sedans and utes. The company's budget for 2020 reveals 265 vehicle conversions were planned for the year, for a standard fee $13500 per vehicle. Standard (budgeted) inputs for each vehicle conversion are 17 hours of labour @ $48 per hour and $8400 in direct materials (for a conversion kit supplied by a third party). Indirect materials are applied at $23 per labour hour. The company has also budgeted for annual insurance $1000 and advertising $2000. Despite various business interruptions during the year, an analysis of accounting records at the end of 2020 revealed the company had used a total 5320 labour hours and performed 280 vehicle conversions. The general ledger revealed the following revenues and expenses had been incurred during the year: Aequired