Edmunds Associates, a law firm, hires Attorney Vicky Smith at an annual salary of $97,500. The law firm expects her to spend 1,500 hours a year performing legal work for clients. Indirect costs are assigned to clients based on attorney billing hours. Firm attorneys are expected to work a total of 24,000 direct labor hours this year. Before the fiscal year begins, Edmunds estimates that the total indirect costs for the upcoming year will be $240,000. Read the requirements 1. What would be the ho Requirements 1. What would be the hourly (cost) rate to Edmunds Associates of employing Smith? 2. If Smith works on Client 367 for 14 hours, what direct labor cost would be traced to Client 367? 3. What is the indirect cost allocation rate? 4. What indirect costs will be allocated to Client 367? 5. What is the total job cost for Client 367?