Wassons Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. | | | Time Charges | | Material Loading Charges | | Restorers' wages and fringe benefits | | | $270,000 | | | | | | | Purchasing agent's salary and fringe benefits | | | | | | | $67,500 | | | Administrative salaries and fringe benefits | | | 54,000 | | | | 21,960 | | | Other overhead costs | | | 24,000 | | | | 77,490 | | | Total budgeted costs | | | $348,000 | | | | $166,950 | | The company anticipated that the restorers would work a total of 12,000 hours this year. Expected parts and materials were $1,260,000. 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 $70 and that the material loading charge was 83.25%. | | | |