Lewis has just completed a review of its job-costing system. (Click the icon to view the job-costing review information.) Dudastad information for 2017 related to the bus direct-cost categories is as Lewis & Associates is a law firm specializing in labor relations and employee-related work. It employs 20 professionals (4 partners and 16 associates) who work directly with its clients. Previously the firm accounted for all professional labor cost in a sin single indirect-cost pool. Requirements (Click the icon to view the method.) Requirement 1. Compute the Begin by selecting the formula 1. Compute the 2017 budgeted direct-cost rates for (a) professional partners and (b) professional associates. 2. Compute the 2017 budgeted indirect-cost rates for (a) general support and (b) secretarial support. 3. Compute the budgeted costs for the Richardson and Punch jobs, given the following information: Partner per hour Assoc. Richardson, Inc. Punch, Inc. Professional partners 30 hours 26 hours Professional associates 45 hours 104 hours 4. Comment on the results in requirement 3. Why are the job costs different from those computed using the firm's previous method? 5. Would you recommend Lewis & Associates use the job-costing system in the previous method or the job-costing system in this problem? Explain. Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? parts remaining Clear All Check Answer Lewis & Associates is a law firm specializing in labor relations and Lewis has just completed a review of its job-costing system. employee-related wort information.) associates) who work professional labor cos Data Table direct-cost categ single indirect-cost po (Click the icon to ion.) method.) The average budgeted total compensation per professional for 2017 is $108,000. Each professional is budgeted to have 1,500 billable hours to clients in 2017. All professionals work for clients to their maximum 1,500 billable hours available. All professional labor costs are included in a single Requirement 1. Com direct-cost category and are traced to jobs on a per-hour basis. All costs of Lewis & Associates other than professional labor costs are included in a single indirect-cost pool (legal support) and are Begin by selecting the allocated to jobs using professional labor-hours as the allocation base. The budgeted level of indirect costs in 2017 is $2,250,000. The cost estimates for the Richardson, Inc. job, which requires 75 budgeted hours of professional labor and for the Punch, Inc. job, which requires 130 budgeted hours of professional labor are as follows: Partner Assoc. Richardson Punch Direct-costs $ 5,400 $ 5,625 9,360 9,750 Indirect-costs $ 11,025 $ 19, 110 Total costs Print Done Choose from any list or enter any number in the input fields and then click Check Answer. Lewis & Associates is a law firm specializing in labor relations and employee-related work. It employs 20 professionals (4 partners and 16 associates) who work directly with its clients. Previously the firm accounted for all professional labor single indirect-cost i Data Table (Click the icon method.) Lewis has just completed a review of its job-costing system. (Click the icon to view the job-costing review information.) Budaeted information for 2017 related to the two direct-cost categories is as X Professional Partner Labor Professional Associate Labor Requirement 1. C 4 16 Begin by selecting Number of professionals Hours of billable time per professional 1,500 per year 1,500 per year 180,000 90,000 Total compensation (average per professional) Partner per hour Budgeted information for 2017 relating to the two indirect-cost categories is as follows: Assoc. General Support Secretarial Support $ 300,000 Total costs 1,950,000 Cost-allocation base Professional labor-hours Partner labor-hours Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? Lewis has just completed a review of its job-costing system. (Click the icon to view the job-costing review information.) Dudastad information for 2017 related to the bus direct-cost categories is as Lewis & Associates is a law firm specializing in labor relations and employee-related work. It employs 20 professionals (4 partners and 16 associates) who work directly with its clients. Previously the firm accounted for all professional labor cost in a sin single indirect-cost pool. Requirements (Click the icon to view the method.) Requirement 1. Compute the Begin by selecting the formula 1. Compute the 2017 budgeted direct-cost rates for (a) professional partners and (b) professional associates. 2. Compute the 2017 budgeted indirect-cost rates for (a) general support and (b) secretarial support. 3. Compute the budgeted costs for the Richardson and Punch jobs, given the following information: Partner per hour Assoc. Richardson, Inc. Punch, Inc. Professional partners 30 hours 26 hours Professional associates 45 hours 104 hours 4. Comment on the results in requirement 3. Why are the job costs different from those computed using the firm's previous method? 5. Would you recommend Lewis & Associates use the job-costing system in the previous method or the job-costing system in this problem? Explain. Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? parts remaining Clear All Check Answer Lewis & Associates is a law firm specializing in labor relations and Lewis has just completed a review of its job-costing system. employee-related wort information.) associates) who work professional labor cos Data Table direct-cost categ single indirect-cost po (Click the icon to ion.) method.) The average budgeted total compensation per professional for 2017 is $108,000. Each professional is budgeted to have 1,500 billable hours to clients in 2017. All professionals work for clients to their maximum 1,500 billable hours available. All professional labor costs are included in a single Requirement 1. Com direct-cost category and are traced to jobs on a per-hour basis. All costs of Lewis & Associates other than professional labor costs are included in a single indirect-cost pool (legal support) and are Begin by selecting the allocated to jobs using professional labor-hours as the allocation base. The budgeted level of indirect costs in 2017 is $2,250,000. The cost estimates for the Richardson, Inc. job, which requires 75 budgeted hours of professional labor and for the Punch, Inc. job, which requires 130 budgeted hours of professional labor are as follows: Partner Assoc. Richardson Punch Direct-costs $ 5,400 $ 5,625 9,360 9,750 Indirect-costs $ 11,025 $ 19, 110 Total costs Print Done Choose from any list or enter any number in the input fields and then click Check Answer. Lewis & Associates is a law firm specializing in labor relations and employee-related work. It employs 20 professionals (4 partners and 16 associates) who work directly with its clients. Previously the firm accounted for all professional labor single indirect-cost i Data Table (Click the icon method.) Lewis has just completed a review of its job-costing system. (Click the icon to view the job-costing review information.) Budaeted information for 2017 related to the two direct-cost categories is as X Professional Partner Labor Professional Associate Labor Requirement 1. C 4 16 Begin by selecting Number of professionals Hours of billable time per professional 1,500 per year 1,500 per year 180,000 90,000 Total compensation (average per professional) Partner per hour Budgeted information for 2017 relating to the two indirect-cost categories is as follows: Assoc. General Support Secretarial Support $ 300,000 Total costs 1,950,000 Cost-allocation base Professional labor-hours Partner labor-hours Print Done Choose from any list or enter any number in the input fields and then click Check