Megginson \& 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. For 2021 , the average budgeted total compensation per professional partner is $200,000 and per professional associate is $80,000. Each professional is budgeted to have 1,600 billable hours to clients in 2021. The firm's job costing system has two direct-cost categories (professional partner labor and professional associate labor) and two indirect-cost categories (general support and secretarial support) Budgeted information for 2021 related to the two direct-cost categories is as follows: Budgeted information for 2021 relating to the two indirect-cost categories is: Indirect-costs (Support) Questions Note: Please answer each question separately. 1. Prepare an overview diagram of Megginson'\& Associates' new job-costing system. (5 points) 2. Compute the 2021 budgeted direct-cost rates for (a) professional partners and (b) professional associates. (15 points) 3. Compute the 2021 budgeted indirect-cost rates for (a) general support and (b) secretarial support. (15 points) 4. Determine the budgeted costs for the Richardson and Punch jobs, given the following information: - Comment on the results in requirement 4. Why are the job costs different for the two jobs? ( 30 points)