Exercise 22-10 Wasson's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are: Material Time Charges Loading Charges $245,388 Restorers' wages and fringe benefits $65,838 Purchasing agent's salary and fringe benefits 20,660 54,692 Administrative salaries and fringe benefits 15,246 Other overhead costs 73,322 $315,326 $159,820 Total budgeted costs The company anticipated that the restorers would work a total of 12,100 hours this year. Expected parts and materials were $1,220,000 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 $69.00 and that the material loading charge was 83.00%