Problem 2-9 Chastain & Associates is an accounting firm that provides audit, tax, and accounting services to medium-size retail companies. It employs 40 professionals (10 partners and 30 associates) who work directly with clients. The average expected total compensation per professional for the year is $84,000. The services of Chastain are in high demand, and each professional works for clients to their maximum of 1,200 billable hours. All professional salaries are traced to individual client service summaries. All costs other than professional salaries are included in a single indirect cost pool (professional support). The indirect costs are assigned to service summaries using professional hours as the allocation base. The expected amount of indirect costs for the year is $2,880,000 Compute the budgeted indirect cost rate per hour of professional service Budgeted indirect cost rate per hour Chastain & Associates is bidding on tax and audit services for a potential client that are expected to require 100 hours of professional service time. Calculate the estimated cost of the work using average professional wage rates and basing indirect costs on estimated service time Estimated cost of the work Question Attempts: 0 of 3 used SAVE FOR LATER S SUBMIT