slabe local engineering firm is bidding on a design project for a new client. The total budete for the firm are $100,000. The total budgeted indirect costs are $600.000. It is estive are 8,000 billable hours in total Required: a. What is the budgeted direct-labor cost rate? b. What is the budgeted indirect-cost rate assuming direct labor cost is the location base! c. What should be the engineering firm bid on the project if the direct labor hours are estimated hours? 300 Chapter 4 Review 1) An accounting firm completes an audit for a location and has the following cost inform year Indirect labor $60.000 Office lease $22.000 Depreciation on office equipment $8,000 Marketing expense $20.000 Utilities SI5.000 firm's direct labor costs are budgeted at $500,000 for the year and overhead is allocated based on lacosts. The firm used 1 partner and 2 audit associates on the audit. Partners are paid $150 per while audit associates earn $50 per hour. The partner spent 6 hours on the engagement while the audit associates spent a total of 40 hours. Required: What is the cost of the audit