Problem 10 (15 marks) Required: Using time-driven activity based costing, calculate the charge-out rates for Lepard and the assistants that will produce equal pre-tax profit percentages for each type of Lepard Financial Services provides investment advice to individual and commercial clients. financial advising service. Use the following format: The following is the budgeted income statement for the year ended December 31,2023 : Lepard Financial Services Ltd. Budgeted Income Statement For the Year Ended December 31, 2023 END OF ASSIGNMENT The firm's staff consists of one financial advisor-owner (Lepard) and two assistants. Total annual budgeted hours for each employee is 2,000. The firm expects to complete 180 commercial files and 150 individual files during fiscal 2023. Fees are based on time spent on each file by Lepard. Her hourly charge-out rate is $500. Average estimated hours to complete a commercial file is 5 hours by Lepard and 14 hours by an assistant. Average estimated hours to complete an individual file is 4 hours by Lepard and 6 hours by an assistant. The remaining hours will be used for other necessary (but unbillable) activities. Relevant allocation information is as follows: Problem 10 (15 marks) Required: Using time-driven activity based costing, calculate the charge-out rates for Lepard and the assistants that will produce equal pre-tax profit percentages for each type of Lepard Financial Services provides investment advice to individual and commercial clients. financial advising service. Use the following format: The following is the budgeted income statement for the year ended December 31,2023 : Lepard Financial Services Ltd. Budgeted Income Statement For the Year Ended December 31, 2023 END OF ASSIGNMENT The firm's staff consists of one financial advisor-owner (Lepard) and two assistants. Total annual budgeted hours for each employee is 2,000. The firm expects to complete 180 commercial files and 150 individual files during fiscal 2023. Fees are based on time spent on each file by Lepard. Her hourly charge-out rate is $500. Average estimated hours to complete a commercial file is 5 hours by Lepard and 14 hours by an assistant. Average estimated hours to complete an individual file is 4 hours by Lepard and 6 hours by an assistant. The remaining hours will be used for other necessary (but unbillable) activities. Relevant allocation information is as follows