Requirements . 1. Identify the components of the overview diagram of the job-costing system. Calculate the 2012 budgeted indirect-cost rate for Taylor & Associates. 2. The markup rate for pricing jobs is intended to produce operating income equal to 10% of revenues. Calculate the markup rate as a percentage of professional labor costs. 3. Taylor 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: Professional Labor Category Budgeted Rate per Hour Budgeted Hours Director $ 200 3 Partner 100 16 Associate 50 40 Assistant 30 160 Calculate the budgeted cost of the Tasty Chicken job. How much will Taylor bid for the job if it is to earn its target operating income of 10% of revenues? 3 Print Done E4-15 (book/static) Question Help Taylor & Associates, a consulting firm, has the following condensed budget for 2012 (Click the icon to view the condensed budget.) Taylor 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. Read the requirements Requirement 1. Identify the components of the overview diagram of the job-costing system. - X Data Table A } B A B Requirements } D c D Revenues $ 20,000,000 Total costs: Direct costs Professional labor $ 5.000.000 Indirect costs Client support 13,000,000 18,000,000 $ 2,000,000 Operating income F E E } F G 1. Identify the components of the overview diagram of the job-costing system. Calculate the 2012 budgeted indirect-cost rate for Taylor & Associates. 2. The markup rate for pricing jobs is intended to produce operating income equal to 10% of revenues. Calculate the markup rate as a percentage of professional labor costs. 3. Taylor 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: Professional Labor Category Budgeted Rate per Hour Budgeted Hours Director $ 200 3 Partner 100 16 Associate 50 40 Assistant 30 160 Calculate the budgeted cost of the Tasty Chicken job. How much will Taylor bid for the job if it is to earn its target operating income of 10% of revenues? G Print Done H H } 1 Print Done Data Table - X Revenues $ 20,000,000 Total costs: Direct costs Professional labor $ 5,000,000 Indirect costs Client support 13,000,000 18,000,000 $ 2,000,000 Operating income Print Done