Microsoft Corporation is embarking on an ambitious IT infrastructure upgrade project and is in dire need of estimating the total project cost for budgetary purposes. The project encompasses a wide array of components including hardware, software, labor costs, and miscellaneous expenses. Preliminary estimates suggest hardware costs of $20,000,000, software costs of $12,000,000, labor costs totaling $18,000,000, and additional expenses amounting to $5,000,000. Develop a meticulously crafted budget encompassing all pertinent aspects of the IT infrastructure upgrade project, ensuring accuracy and adherence to fiscal constraints.