Data table The average budgeted total compensation per professional for 2020 is $110,000. Each professional is budgeted to have 2,000 billable hours to clients in 2020. All professionals work for clients to their maximum 2,000 billable hours available. All professional labor costs are included in a single direct-cost category and are traced to jobs on a per-hour basis. All costs of Lincoln & Associates other than professional labor costs are included in a single indirect-cost pool (legal support) and are allocated to jobs using professional labor-hours as the allocation base. The budgeted level of indirect costs in 2020 is $2,250,000. The cost estimates for the Richardson, Inc. job, which requires 80 budgeted hours of professional labor and for the Punch, Inc. job, which requires 110 budgeted hours of professional labor are as follows: Richardson Punch Direct-costs $ 4,400 $ 6,050 Print Done C Data table Professional Partner Labor Number of professionals 7 Hours of billable time per professional 2,000 per year Total compensation (average per professional) $ 243,000 $ Professional Associate Labor 18. 2,000 per year 90,000 Budgeted information for 2020 relating to the two indirect-cost categories is as follows: General Support Secretarial Support Total costs $ 1,980,000 $ 270,000 Cost-allocation base Professional labor-hours Partner labor-hours Print Done - X D Lincoln & Associates is a law firm specializing in labor relations and employee-related work. It employs 25 professionals (7 partners and 18 associates) who work directly with its clients. Previously the firm accounted for all professional labor cost in a single direct-cost account and all other costs in a single indirect-cost pool. (Click the icon to view the cost information and rates under the Lincoln has just completed a review of its job-costing system. (Click the icon to view the job-costing review information.) Budgeted information for 2020 related to the two direct-cost categories is as follows: (Click the icon to view the budgeted information.) Requirement 1. Compute the 2020 budgeted direct-cost rates for (a) professional partners and (b) professional associates. Begin by selecting the formula, then enter the amounts to compute both rates. (Abbreviations used: Assoc. Partner Assoc. Associate.) Budgeted direct- cost rate per hour per hour per hour Lincoln & Associates is a law firm specializing in labor relations and employee-related work. It employs 25 professionals (7 partners and 18 associates) who work directly with its clients. Previously the firm accounted for all professional labor cost in a single direct-cost account and all other costs in a single indirect-cost pool. (Click the icon to view the cost information and rates under the Lincoln has just completed a review of its job-costing system. (Click the icon to view the job-costing review information.) Budgeted information for 2020 related to the two direct-cost categories is as follows: (Click the icon to view the budgeted information.) Requirement 2. Compute the ZUZU budgeted indirect-cost rates for (a) general support and (b) secretarial support. Begin by selecting the formula, then enter the amounts to compute both rates. (Round your answers to the nearest whole dollar.) General Secretarial Budgeted indirect- cost rate per hour per hour per hour Lincoln & Associates is a law firm specializing in labor relations and employee-related work. It employs 25 professionals (7 partners and 18 associates) who work directly with its clients. Previously the firm accounted for all professional labor cost in a single direct-cost account and all other costs in a single indirect-cost pool. (Click the icon to view the cost information and rates under the Lincoln has just completed a review of its job-costing system. (Click the icon to view the job-costing review information.) Budgeted information for 2020 related to the two direct-cost categories is as follows: (Click the icon to view the budgeted information.) Requirement J. Compute une budgeted costs for the richardson and runen jous based upon the fours each job is ouageted to use. Direct-costs: Professional partners Professional associates Direct-costs Indirect-costs Richardson, Inc. Punch, Inc. Lincoln & Associates is a law firm specializing in labor relations and employee-related work. It employs 25 professionals (7 partners and 18 associates) who work directly with its clients. Previously the firm accounted for all professional labor cost in a single direct-cost account and all other costs in a single indirect-cost pool. (Click the icon to view the cost information and rates under the Lincoln has just completed a review of its job-costing system. (Click the icon to view the job-costing review information.) Budgeted information for 2020 related to the two direct-cost categories is as follows: (Click the icon to view the budgeted information.) Indirect-costs General support Secretarial support Indirect-costs Total costs Requirement 4. Comment on the results in requirement 3. Why are the job costs different from those computed using the firm's previous Lincoln & Associates is a law firm specializing in labor relations and employee-related work. It employs 25 professionals (7 partners and 18 associates) who work directly with its clients. Previously the firm accounted for all professional labor cost in a single direct-cost account and all other costs in a single indirect-cost pool. (Click the icon to view the cost information and rates under the Lincoln has just completed a review of its job-costing system. (Click the icon to view the job-costing review information.) Budgeted information for 2020 related to the two direct-cost categories is as follows: (Click the icon to view the budgeted information.) In requirement 3 the cost system is than the firm's previous method. The two jobs The Richardson job has a relatively higher use of requirement 3 and therefore the allocation method used in the cost of the job when compared to the previous method. Requirement 5. Would you recommend Lincoln & Associates use the job-costing system in the previous method or the job-costing system in this problem? Explain. Lincoln & Associates is a law firm specializing in labor relations and employee-related work. It employs 25 professionals (7 partners and 18 associates) who work directly with its clients. Previously the firm accounted for all professional labor cost in a single direct-cost account and all other costs in a single indirect-cost pool. (Click the icon to view the cost information and rates under the requirement 3 Lincoln has just completed a review of its job-costing system. (Click the icon to view the job-costing review information.) Budgeted information for 2020 related to the two direct-cost categories is as follows: (Click the icon to view the budgeted information.) the cost of the job when compared to the previous method. Requirement 5. Would you recommend Lincoln & Associates use the job-costing system in the previous method or the job-costing system in this problem? Explain. I would recommend that Lincoln & Associates use the job costing system categories. The job costing system helps managers make better decisions. with two direct- and two indirect-cost more accurately represents the costs incurred on different jobs and therefore