1. Identify the components of the overview diagram of the job-costing system. Calculate the 2017 budgeted indirect-cost rate for Turner Partners. 2. The markup rate for pricing jobs is intended to produce operating income equal to 11% of revenues. Calculate the markup rate as a percentage of professional labor costs. 3. Turner is bidding on a consulting job for Fastnet, a wireless communications company. The budgeted breakdown of professional labor on the job is as follows: Professional Labor Category Budgeted Rate per Hour Budgeted Hours Director $ 201 Partner 102 54 Associate 33 Assistant 165 Calculate the budgeted cost of the Fastnet job. How much will Turner bid for the job if it is to earn its target operating income of 11% of revenues? Revenues $ 21,000,000 Total costs: Direct costs Professional labor $ 5,600,000 Indirect costs Client support 13,090,000 18,690,000 $ 2,310,000 Operating income Turner Partners, a management consulting firm, has the following condensed budget for 2017: (Click the icon to view the condensed budget.) Turner has a single direct-cost category (professional labor) and a single indirect-cost pool (client support). Indirect costs are allocated to jobs on the basis of professional labor costs. Read the requirements. H Direct Costs | Professional Labor H 1 Calculate the markup rate as a percentage of professional labor costs. Determine the formula, then compute the 2017 budgeted indirect-cost rate for Turner Partners. (Round the percentage to the nearest hundredth percent, X.XX%.) i Budgeted client support costs Allocation base Budgeted indirect-cost rate