Problem 5-31 Calculate Cost and Use It to Calculate Price Morris, Leibowitz, and Guliani is a relatively new law firm that specializes in major accider injury cases The partners have been reviewing their cost accumulation accounting system and are not confident that they are billing enough to their clients. Essentially, their work consists of thre OBJECTIVE 4 partners analyzing the merits of each case, preparing a lawsuit, and appearing in court on behal of their clients. Each partner is assisted by a junior lawyer and has an administrative assistant. The only other people employed by the firm are a receptionist, an accountant/office manager, and two clerks. The expenses related to the firm's operation are as follows: Junior Lawyer $75,000 90,000 80,000 Depreciation on Equipment $15,000 26,000 21,250 Administrative Assistant Morris Leibowitz Guliani $45,000 40,000 60,000 Other Costs Salaries Rent Office expenses Other S360,000 180,000 120,000 206,250 Each of the partners would like to earn $250,000 per year. They each expect to bill for 1,750 hours per year and to absorb the cost of their junior lawyers in their own billing Required: heck figures: lorris total cost: $673,750 How much will each lawyer have to set as his/her hourly billing rate to a orris per hour charge: $385 set out? ccomplish the ubjectives