S3-14 (similar to) EQuestion Help Foley Associates, a law firm, hires Attorney Wanda Hampton at an annual salary of $110,500. The law firm expects her to spend 1,700 hours a year performing legal work for clients. Indirect costs are assigned to clients based on attorney billing hours. Firm attorneys are expected to work a total of 26,000 direct labor hours this year. Before the fiscal year begins, Foley estimates that the total indirect costs for the upcoming year will be $520,000 Read the requirements 1. What would be the hourly (cost) rate to Foley Associates of employing Hampton? Identify the correct formula and compute the hourly rate Hourly rate iRequirements 1. What would be the hourly (cost) rate to Foley Associates of employing Hampton? If Hampton works on Client 367 for 16 hours, what direct labor cost would be traced to Client 367? What is the indirect cost allocation rate? What indirect costs will be allocated to Client 367? What is the total job cost for Client 367? 2. 3. 4. 5. Print Done