Lyon & Partners is a law firm specializing in labour relations and employee$-$related work. It employs $20$ professionals $(4$ partners and $16$ managers$)$ who work directly with its clients. The average budgeted total compensation per professional for $2022$ is $$108,000.$ Each professional is budgeted to have $1,500$ billable hours to clients in $2022.$ Lyon is a highly respected firm, and all professionals work for clients to their maximum $1,500$ billable hours available. All professional labour costs are included in a single direct cost category and are traced to jobs on a per$-$hour basis.

All costs of Lyon & Partners other than professional labour costs are included in a single indirect cost pool $($legal support$)$ and are allocated to jobs using professional labour$-$hours as the allocation base. The budgeted level of indirect costs in $2022$ is $$2\mathrm{.}25$ million.

Required

Requirement $1.$ Compute the $2022$ budgeted professional labour$-$hour direct cost rate.

Select the formula to compute the budgeted direct cost rate, and then enter the amounts and calculate the rate.

Requirement $2.$ Compute the $2022$ budgeted indirect cost rate per hour of professional labour.

Select the formula to compute the budgeted indirect cost rate, and then enter the amounts and calculate the rate.

$1$ Budgeted indirect $=$ Budgeted direct cost $=$ rate per hour

$=$ per hour cost rate per hour

$1=$ per hour

Requirement $3.$ Prepare a cost estimate for the Richardson Inc. job, which requires $115$ budgeted hours of professional labour, and for the Punch Inc. job, which requires $145$ budgeted hours of professional labour.

$\backslash$table$[[,$Richardson,Punch$],[$Direct costs,$[,],[$Indirect costs,,$],[$Total costs,,$]]$