Job costing, law firm. Keating & Partners is a law firm specializing in labour relations and employee-related work. It employs 25 professionals (5 partners and 20 managers) who work directly with its clients. The average budgeted total compensation per professional for 19_6 is $104,000. Each professional is budgeted to have 1,600 billable hours to clients in 19_6. Keating is a highly respected firm, and all professionals work for clients to their maximum 1,600 billable hours available. All professional labour costs are included in a single direct cost category and are traced to jobs on a per- hour basis. All costs of Keating & Partners other than professional labour costs are included in a single indirect cost pool (legal support) and are allocated to jobs using professional labour-hours as the allocation base. The budgeted level of indirect costs in 19_6 is $2.2 million. REQUIRED 1. Present an overview diagram of Keating's job costing system. 2. Compute the 19_6 budgeted professional labour hour direct cost rate. 3. Compute the 19_6 budgeted indirect cost rate per hour of professional labour. 4. Keating & Partners is considering bidding on two jobs: a. Litigation work for Richardson, Inc. that requires 100 budgeted hours of professional labour b. Labour contract work for Punch, Inc. that requires 150 budgeted hours of professional labour Prepare a cost estimate for each job