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4-21 Job costing, consulting firm. Turner & Associates, a consulting firm, has the following condensed budget for 2011: Revenues $21,250,000 Total costs: Direct costs Professional Labor $ 5,312,500 Indirect costs Client support 13,600,000 18,912,500 Operating income $ 2,337,500 Turner has a single direct-cost category (professional labor) and a single indirect-cost pool (client support). Indirect costs are allocated to jobs on the basis of professional labor costs. 1. Prepare an overview diagram of the job-costing system. Calculate the 2011 budgeted indirect-cost rate for Turner & Associates 2. The markup rate for pricing jobs is intended to produce operating income equal to 11% of revenues. Calculate the markup rate as a percentage of professional labor costs. 3. Turner is bidding on a consulting job for Tasty Chicken, a fast-food chain specializing in poultry meats. The budgeted breakdown of professional labor on the job is as follows: Budgeted Hours 4 Professional Labor Category Director Partner Associate Assistant Budgeted Rate per Hour $198 101 49 36 17 42 153 Calculate the budgeted cost of the Tasty Chicken job. How much will Turner bid for the job if it is to earn its target operating income of 11% of revenues