Begin by identifying the formula to calculate the actual indirect-cost rate. ][=Actualindirect-costrate Data table

Kirac & Partners, a Quebec-based public accounting partnership, specializes in audit services. Its job-costing system has a single direct-cost category (professional labor) and a single indirect-cost pool (audit support, which contains all costs of the Audit Support Department). Audit support costs are allocated to individual jobs using actual professional labor-hours. Kirac & Partners employs 1 0 professionals to perform audit services. Budgeted and actual amounts for 2020 are as follows: (Click the icon to view the data.) Read the rgguirements_ Requirement 1. Compute the direct-cost rate and the indirect-cost rate per professional labor-hour for 2020 under (a) actual costing, (b) normal costing, and (c) the variation from normal costing that uses budgeted rates for direct costs. Begin by identifying the formula to calculate the actual indirect-cost rate. Actual indirect-cost rate Data table Budget for 2020 Professional labor compensation Audit support department costs Professional labor-hours billed to clients Actual results for 2020 Audit support department costs Professional labor-hours billed to clients s 975,000 675,000 15,000 hours 775,000 15,500 hours $51 per hour Actual professional labor cost rate print Done