Lyon & Associates is a law firm specializing in labor relations and employee-related work. It employs 25 professionals (5 partners and 20 associates) who work directly with its clients. The average budgeted total compensation per professional for 2017 is $117,000. Each professional is budgeted to have 1,800 billable hours to clients in 2017. All professionals work for clients to their maximum 1,800 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 Lyon & 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 $2,385,000. Read the requirements .... Requirement 1. Identify the components of the overview diagram of Lyon's job-costing system. A A } B B + Requirements D C } D 1 F E E } 1. Identify the components of the overview diagram of Lyon's job-costing system. 2. Compute the 2017 budgeted direct-cost rate per hour of professional labor. 3. Compute the 2017 budgeted indirect-cost rate per hour of professional labor. 4. Lyon & Associates is considering bidding on two jobs: a. Litigation work for Richardson, Inc., which requires 90 budgeted hours of professional labor. b. Labor contract work for Punch, Inc., which requires 130 budgeted hours of professional labor. Prepare a cost estimate for each job. F G G H H } Print Done