Lincoln & 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 single direct-cost account and all other costs in a single indirect-cost pool. 3 Click the icon to view the cost information and rates under the previous method.) Lincoln has just completed a review of its job-costing system. (Click the icon to view the job-costing review information.) Budgeted information for 2017 related to the two direct-cost categories is as follows: Click the icon to view the budgeted information.) Read the requirements Requirement 3. Compute the budgeted costs for the Richardson and Punch jobs based upon the hours each job is budgeted to use. Richardson, Inc. Direct-costs: Professional partners Professional associates Direct-costs Indirect-costs General support Secretarial support Indirect-costs Total costs 16 associal account an Data Table - X Data Table (Click Professional Partner Labor Professional Associate Labor Requireme Direct-cost 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 direct-cost category and are traced to jobs on a per-hour basis. All costs of Lincoln & Associates other than professional labor costs are included in a single indirect-cost pool (legal support) and are 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 80 budgeted hours of professional labor and for the Punch, Inc. job, which requires 130 budgeted hours of professional labor are as follows: Professic Number of professionals 4 16 Hours of billable time per professional 1,500 per year 1.500 per year Total compensation (average per $ 180,000 $ 90,000 professional) Budgeted information for 2017 relating to the two indirect-cost categories is as follows: General Support Secretarial Support Total costs $ 1.950,000 $ 300.000 Cost-allocation base Professional labor-hours Partner labor-hours Professid Direct- Indirect-co Richardson Punch General Direct-costs $ 9.360 5,760 $ 6,000 Secretari Indirect-costs 9,750 Indirect $ 11,760 $ 19.110 Total costs Print Done Total costs Print Done Enter any 4 parts remaining Clear All Check Ar Lincoln & 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 single direct-cost account and all other costs in a single indirect-cost pool. 3 Click the icon to view the cost information and rates under the previous method.) Lincoln has just completed a review of its job-costing system. (Click the icon to view the job-costing review information.) Budgeted information for 2017 related to the two direct-cost categories is as follows: Click the icon to view the budgeted information.) Read the requirements Requirement 3. Compute the budgeted costs for the Richardson and Punch jobs based upon the hours each job is budgeted to use. Richardson, Inc. Direct-costs: Professional partners Professional associates Direct-costs Indirect-costs General support Secretarial support Indirect-costs Total costs 16 associal account an Data Table - X Data Table (Click Professional Partner Labor Professional Associate Labor Requireme Direct-cost 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 direct-cost category and are traced to jobs on a per-hour basis. All costs of Lincoln & Associates other than professional labor costs are included in a single indirect-cost pool (legal support) and are 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 80 budgeted hours of professional labor and for the Punch, Inc. job, which requires 130 budgeted hours of professional labor are as follows: Professic Number of professionals 4 16 Hours of billable time per professional 1,500 per year 1.500 per year Total compensation (average per $ 180,000 $ 90,000 professional) Budgeted information for 2017 relating to the two indirect-cost categories is as follows: General Support Secretarial Support Total costs $ 1.950,000 $ 300.000 Cost-allocation base Professional labor-hours Partner labor-hours Professid Direct- Indirect-co Richardson Punch General Direct-costs $ 9.360 5,760 $ 6,000 Secretari Indirect-costs 9,750 Indirect $ 11,760 $ 19.110 Total costs Print Done Total costs Print Done Enter any 4 parts remaining Clear All Check Ar
