Waterways Corporation competes in a market economy in which its products must be sold at market prices. Its emphasis is therefore on manufacturing its products at a cost that allows the company to earn its desired profit. This problem asks you to consider various pricing situations for Waterways' projects. Waterways uses time and material pricing when it bids on irrigation projects. Budgeted data for 2022 are as follows. WATERWAYS CORPORATION Budgeted Costs for Irrigation Projects for 2022 Material Time Loading Charges Charges Labor wages (5,600 hours) $239,120 Supervisor's salary $59,000 Clerical and accountant wages 62,160 5,000 Irrigation supplies manager 38,000 Overhead 54,880 21,080 Total $356,160 $123,080 Waterways has budgeted for 5,600 labor hours. It desires a $14 profit margin per hour of labor and 17% profit on materials. It estimates the total invoice cost of materials in 2022 will be $680,000.