Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2020 is available for Second Chance. Material Time Loading Charges Charges Technicians' wages and benefits $251,600 Parts manager's salary and benefits $40,700 Office employee's salary and benefits 59,200 11.820 Other overhead 7,400 20,800 Total budgeted costs $318,200 $73,320 The company desires a $40 profit margin per hour of labor and a 28.00% profit margin on parts. It has budgeted for 7,400 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2020 will be $416,000. Your answer is correct.