Timlin Associates is a recently formed law partnership. Timlin Associates operates at capacity and uses a cost-based approach to pricing (biling) each job. Currentiy if uses a simple costing system with a single direct-cost category (prolessional labor-hours) and a single indirect-cost pool (gerieral support). Indirect costs are allocaled. to cases on the basis of professional labor-hours per case. The job files for two of Timlin's clients, Lopez Enterprises and Clinical Inc, show the followng? (Click the icon to view the data using the simple costing system.) Cuck the icon to view additional data.) Read the Requirement 1. Calculate the revised indirect-cost allocation rate per professional labor-hour for Timin Associales when total indirect costs are $175. 000. First determine the formula used to calculate the indirect-cost rate. Then enter the amounts in the formula and calculafe the rate per hour (Abbreviation used prof: = professional.) Requirement 2. Compute the costs of the Lopez Enterprises and Clinical Inc jobs if Timlin Associates had used is refined costing system with midiple direct-onst categories and one indirect-cost pool. Beain bv determinina the formula used to allocate indirect costs. (Abbreviation used: orof: = orolessionai:) Data table Professional labor costs at Timlin Associates are $250 an hour. Indirect costs are allocated to cases at $125 an hour. Total indirect costs in the most recent period were $625,000. Total cost of the jobs using the simple costing system are as follows: Data table to collect details on those costs included in the $625,000 indirect-cost pool that can be traced to each individual job. After analysis, Timlin is able to reclassify $450,000 of the $625,000 as direct costs: Hamilton decides to calculate the costs of each job as if Timlin had used six direct-cost pools and a single indirect-cost pool. The single indirect-cost pool would have $175,000 of costs and would be allocated to each case using the Requirements 1. Calculate the revised indirect-cost allocation rate per professional labor-hour for Timlin Associates when total indirect costs are $175,000. 2. Compute the costs of the Lopez Enterprises and Clinical Inc. jobs if Timlin Associates had used its refined costing system with multiple direct-cost categories and one indirect-cost pool. 3. Compare the costs of Lopez Enterprises and Clinical Inc. jobs in requirement 2 with those calculated using the simple costing system. Comment on the results. Data table can ve iraced io each inaiviauai jod. Amer analysis, n mmin is able to recrassily $450,000 of the $625,000 as direct costs: Hamilton decides to calculate the costs of each job as if Timlin had used six direct-cost pools and a single indirect-cost pool. The single indirect-cost pool would have $175,000 of costs and would be allocated to each case using the professional labor-hours base. Data table Rachel Hamilton, the managing partner of Timlin Associates, asks her assistant to collect details on those costs included in the $625,000 indirect-cost pool that can be traced to each individual job. After analysis, Timlin is able to reclassify $450,000 of the $625,000 as direct costs: Hamilton decides to calculate the costs of each job as if Timlin had used six direct-rnst nnnls and a sinnle indirert.rmst nnol The