1:10 Exit This is a set of extra credit problems, here to help all of you who have missed assignments quizzes, not participated in discussion boards, or haven't done as well as you would like. There are 3 problems based on Chapter 4. You do not need to complete this assignment, and absolutely no extensions will be allowed 1. 1. An accounting firm completes an audit for a local union and has the following cost information for the year. Indirect labor $60,000 Office lease $22,000 Depreciation on office equipment $8,000 Marketing expense $20,000 Utilities $15,000 The firm's direct labor costs are budgeted at $500,000 for the year and overhead is allocated based on direct labor costs. The firm used 1 partner and 2 audit associates on the audit. Partners are paid $150 per hour while audit associates earn $50 per hour. The partner spent 6 hours on the engagement while the audit associates spent a total of 40 hours. Required: What is the cost of the audit? Enter answer > 2. 2