Peterson Partners, a management consulting firm, has the following condensed budget for the year: (Click the icon to view the condensed budget.) Peterson has a single direct-cost category (professional labour) and a single indirect-cost pool (client support). Indirect costs are allocated to jobs on the basis of professional labour costs. Required Condensed Budget Revenues Total costs: Direct costs Professional labour $ 4,064,000 Indirect costs Client support Operating income $ 19,050,000 12,700,000 16,764,000 $ 2,286,000 Required 1. Identify the components of the overview diagram of the job-costing system. Calculate the budgeted indirect-cost rate for Peterson Partners. 2. The markup rate for pricing jobs is intended to produce operating income equal to 12% of revenues. Calculate the markup rate as a percentage of professional labour costs. 3. Peterson is bidding on a consulting job for DotCom Wireless, a wireless communications company. The budgeted breakdown of professional labour on the job is as follows: Professional Labour Category Director Partner Associate Assistant Budgeted Rate per Hour Budgeted Hours $ 204 4 110 18 45 44 34 160 Calculate the budgeted cost of the DotCom Wireless job. How much will Peterson bid for the job if it is to earn its target operating income of 12% of revenues? Requirement 1. Identify the components of the overview diagram of the job-costing system. Calculate the budgeted indirect-cost rate for Peterson Partners. Begin by identifying the components of the overview diagram of the job-costing system. A } B C } A B C OD CD EFO c } } H } G H