Holman & Associates, a law firm, hires lawyer Sophia Smith at an annual salary of $150,000. The law firm expects her to spend 2,000 hours a year performing legal work for clients. Indirect costs are assigned to clients based on attorney billing hours. Holman attorneys are expected to work a total of 20,000 direct labour hours this year. Before the fiscal year begins, Holman estimates that the total indirect costs that will be incurred for the following year. 5 Click the icon to view the financial data.) Smith spent 17 hours working for Client 367. 1. What would be the hourly (cost) rate to Holman & Associates of employing Smith? 2. What direct labour 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? 1. What would be the hourly (cost) rate to Holman & Associates of employing Smith? Identify the correct formula and compute the hourly rate. (Round your answer to the nearest whole dollar.) Hourly rate Annual salary Data Table Billing hours Direct labour $ Hourly rate Hours per year Office rent. Office supplies, telephone, Internet access, and copier lease Office support staff. Maintaining and updating law library for case research Advertising Sponsorship of the symphony Total indirect costs 220,000 15,000 80,000 43,000 3,500 3,500 Indirect labour Indirect materials 365,000 Total expected hours Print Done