Joseph and Margaret are auditors for a regional CPA firm and travel regularly to client locations. The firm invoices their time to clients at a rate of $140/hour as soon as jobs are completed. The firm recognizes the cost of their labor at $55/hour, including payroll taxes and benefits. 

 

If Joseph and Margaret spend a combined 16 hours at one client and complete the audit while there, how much labor cost will the firm recognize for this job?