Levels of Cost

Leopold & Olney LLP has five partners and 12 staff accountants. The partners each work 2,100 hours per year and earn $350,000 annually. The staff accountants each work 2,600 hours per year and earn $80,000 annually. The firms total annual budget for professional support available to partners and staff accountants is $312,750. The firm also spends $125,100 for administrative support that is used only by the partners.

a.Assume that total support cost is considered a unit-level cost based on number of work hours. What is the support rate per labor hour? Round your answer to the nearest cent.