Wakefield Associates is a recently formed law partnership. Wakefield Associates operates at capacity and uses a cost-based approach to pricing (billing) each job. Currently it uses a simple costing system with a single direct-cost category (professional labor-hours) and a single indirect-cost pool (general support). Indirect costs are allocated to cases on the basis of professional labor-hours per case. The job files for two of Wakefield's clients, Griffin Enterprises and Stonemark Inc., show the following: (Click the icon to view the data using the simple costing system.) (Click the icon to view additional data.) Read the requirements. Requirement 1. Calculate the revised indirect-cost allocation rate per professional labor-hour for Wakefield Associates when total indirect costs are $225,000. First determine the formula used to calculate the indirect-cost rate. Then enter the amounts in the formula and calculate the rate per hour. (Abbreviation used: prof. = professional.) Ch iRequirements Indirect-cost rate per hour 1. Calculate the revised indirect-cost allocation rate per professional labor-hour for Wakefield Associates when total indirect costs are $225,000. 2. Compute the costs of the Griffin Enterprises and Stonemark Inc. jobs if Wakefield Associates had used its refined costing system with multiple direct-cost categories and one indirect-cost pool. 3. Compare the costs of Griffin Enterprises and Stonemark Inc. jobs in requirement 2 with those calculated using the simple costing system. Comment on the results. Print Done