1. Compute the 2019 budgeted professional labour-hour direct cost rate. 2. Compute the 2019 budgeted indirect cost rate per hour of professional labour. 3. Lewis & Partners is considering bidding on two jobs: a. Litigation work for Richardson Inc. that requires 125 budgeted hours of professional labour b. Labour contract work for Punch Inc. that requires 175 budgeted hours of professional labour Prepare a cost estimate for each job. Lewis & Partners is a law firm specializing in labour relations and employee-related work. It employs 30 professionals (10 partners and 20 managers) who work directly with its clients. The average budgeted total compensation per professional for 2019 is $105,000. Each professional is budgeted to have 1,500 billable hours to clients in 2019. Lewis is a highly respected firm, and all professionals work for clients to their maximum 1,500 billable hours available. All professional labour costs are included in a single direct cost category and are traced to jobs on a per-hour basis. All costs of Lewis & Partners other than professional labour costs are included in a single indirect cost pool (legal support) and are allocated to jobs using professional labour-hours as the allocation base. The budgeted level of indirect costs in 2019 is $2.835 million, Required Requirement 1. Compute the 2019 budgeted professional labour-hour direct cost rate. Select the formula to compute the budgeted direct cost rate, and then enter the amounts and calculate the rate. Budgeted direct cost rate per hour per hour Requirement 2. Compute the 2019 budgeted indirect cost rate per hour of professional labour. Select the formula to compute the budgeted indirect cost rate, and then enter the amounts and calculate the rate. Budgeted indirect cost rate per hour per hour Requirement 3. Prepare a cost estimate for the Richardson Inc. job, which requires 125 budgeted hours of professional labour, and for the Punch Inc. job, which requires 175 budgeted hours of professional labour. Richardson Punch Direct costs Indirect costs Total costs