Oriole Painting Service has budgeted the following time and material for 2022: BUDGETED COSTS FOR 2022 Time Charges Material Charges Painters' wages and benefits $31,680 Service manager's salary and benefits $20,240 Office employee's salary and benefits Cost of paint 10,560 2,640 44,000 Overhead (supplies, utilities, etc.) Total budgeted costs 14,080 7,480 $56.320 $74,360 Oriole 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, Oriole is asked to prepare a price estimate to paint a small building. Oriole estimates that this job will take 12 labor hours and $440.00 in paint.