professional labor-hours as the allocation base. The budgeted level of indirect costs in 2017 is $2,475,000. Read the Requirement 1 . Identify the components of the overview diagram of Kinnett's job-costing system. A } c } E H} A B Legal support c D Cost Allocation Base Professional Labor-Hours E Cost Object: Job for Client F Indirect Costs G Direct Costs H Direct Costs Professional Labor Requirements 1. Identify the components of the overview diagram of Kinnett's job-costing system. 2. Compute the 2017 budgeted direct-cost rate per hour of professional labor. 3. Compute the 2017 budgeted indirect-cost rate per hour of professional labor. 4. Kinnett \& Associates is considering bidding on two jobs: a. Litigation work for Richardson, Inc., which requires 125 budgeted hours of professional labor. b. Labor contract work for Punch, Inc., which requires 180 budgeted hours of professional labor. Prepare a cost estimate for each job. Requirement 2. Compute the 2017 budgeted direct-cost rate per hour of professional labor. Select the formula to compute the budgeted direct-cost rate, then enter the amounts and calculate the rate. Budgeted direct- = cost rate per hour l= per hour