= Homework: Chapter 4: Job Costing Question 4, P4-38 (simila... Part 1 of 7 HW Score: 0.82%, 0.03 of 4 points , O Points: 0 of 1 O Save Keaton & Associates is a law firm specializing in labor relations and employee-related work. It employs 25 professionals (5 partners and 20 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 previous method.) Keaton 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.) Read the requirements. 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. = Associate.) Budgeted direct- - X cost rate per hour per hour Data Table Partner Assoc. per hour Data Table Professional Partner Professional Associate Labor Labor Number of professionals 5 20 Hours of billable time per professional 1.800 per year 1,800 per year Total compensation (average per professional) $ 243.000 $ 90.000 Budgeted information for 2020 relating to the two indirect-cost categories is as follows: budgeted level of indirect costs in 2020 is 52,385,000. The cost estimates for the Richardson, Inc. job, which requires 75 budgeted hours of professional labor and for the Punch, Inc. job, which requires 105 budgeted hours of professional labor are as follows: Secretarial Support Richardson Punch S General Support $ 1,980,000 Professional labor-hours Direct.costs $ 4,875 $ 3,975 Total costs Cost-allocation base - 6,825 5,565 405,000 Partner labor hours Indirect costs $ 8,850 $ 12,390 Total costs Print Done Help Me Solve This e Text Print Done