Jelliff Partners, a management consulting firm, has the following condensed budget for 2017: Jelliff has a single direct-cost category (professional labor) and a single indirect-cost pool (client support). Indirect costs are allocated to jobs on the basis of professional labor costs. Read the requirements. Requirement 1. Identify the components of the overview diagram of the job-costing system. Calculate the 2017 budgeted indirect-cost rate for Jelliff Partners. Begin by identify the components of the overview diagram of the job-costing system. A ( " } E } H } } B D F G 1 1 A Indirect Cost Pool B Client Support $ C Cost Allocation Base D Professional Labor Costs Cost Object: Job for E Consulting Client F Indirect Costs G Direct Costs H Direct Costs I Professional Labor Data Table )= )= Revenues Total costs: Direct costs Professional labor $5,312,500 Indirect costs Client support Operating income Budgeted indirect-cost rate Print Calculate the markup rate as a percentage of professional labor costs. Determine the formula, then compute the 2017 budgeted indirect-cost rate for Jelliff Partners. (Round the percentage to the nearest hundredth percent, X.XX%.) Budgeted client support costs Allocation base ($ 13,600,000 5,312,500 Requirement 2. The markup rate for pricing jobs is intended to produce operating income equal to 11% of revenues. Calculate the markup rate as a percentage of professional labor costs. Determine the formula, then compute the markup rate as a percentage of professional labor costs. (Round the percentage to the nearest hundredth percent, X.XX%.) Revenues / Budgeted professional labor costs )= Markup rate 256 % C ***** Done $ 21,250,000 13,600,000 18,912,500 2,337,500 $ - Requirements 1. Identify the components of the overview diagram of the job-costing system. Calculate the 2017 budgeted indirect-cost rate for Jelliff Partners. 2. The markup rate for pricing jobs is intended to produce operating income equal to 11% of revenues. Calculate the markup rate as a percentage of professional labor costs. 3. Jelliff is bidding on a consulting job for Warden Wireless, a wireless communications company. The budgeted breakdown of professional labor on the job is as follows: Professional Labor Category Budgeted Rate per Hour Budgeted Hours Director Partner $ 198 4 101 17 Associate 49 42 Assistant 36 153 Calculate the budgeted cost of the Warden Wireless job. How much will Jelliff bid for the job if it is to earn its target operating income of 11% of revenues? Print T Done X H } Calculate the markup rate as a percentage of professional labor costs. Determine the formula, then compute the 2017 budgeted indirect-cost rate for Jelliff Partners. (Round the percentage to the nearest hundredth percent, X.XX%.) Budgeted client support costs / Allocation base Budgeted indirect-cost rate 13,600,000 $ ($ ($ Requirement 2. The markup rate for pricing jobs is intended to produce operating income equal to 11% of revenues. Calculate the markup rate as a percentage of professional labor costs. Determine the formula, then compute the markup rate as a percentage of professional labor costs. (Round the percentage to the nearest hundredth percent, X.XX%.) Revenues / Budgeted professional labor costs )= 21,250,000 5,312,500 H Direct Costs I Professional Labor $ Budgeted professional labor costs Budgeted consulting support costs Budgeted total costs 5,312,500 Markup rate 400 % 256 % Requirement 3. Jelliff is bidding on a consulting job for Warden Wireless, a wireless communications company. They have completed a budgeted breakdown of professional labor for the job. Calculate the budgeted cost of the Warden Wireless job. How much will Jelliff bid for the job if it is to earn its target operating income of 11% of revenues?