Sandhill Painting Service has budgeted the following time and material for 2022: BUDGETED COSTS FOR 2022 Time Material Charges Charges Painters' wages and benefits $35,280 Service manager's salary and benefits $22,540 Office employee's salary and benefits Cost of paint 11,760 2,940 49,000 Overhead (supplies, utilities, etc.) Total budgeted costs 15,680 8,330 $62,720 $82,810 Sandhill 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, Sandhill is asked to prepare a price estimate to paint a small building. Sandhill estimates that this job will take 12 labor hours and $490.00 in paint.