Davis & Company is an architectural firm specializing in home remodeling for private clients and new office buildings for corporate clients Davis charges customers at a billing rate equal to 132% of the client's total job cost A client's total job cost is a combination of (1) professional time spent on the client ($62 per hour cost of employing each professional) and (2) operating overhead allocated to the client's job. Davis allocates operating overhead to jobs based on professional hours spent on the job. Davis estimates its five professionals will incur a total of 10,000 professional hours working on client jobs during the year (Click the icon to view the operating cost information) CCOP Requirement 1. Calculate the current indirect cost allocation rate per professional hour. (Round your answer to the nearest cent) The current indirect cost allocation rate per professional hour is $ 22.40 Requirement 2. Calculate the total amount that would be billed to Laughlin given the current costing structure. Determine the formula, then calculate the amount that would be billed to Laughlin given the current costing structure (Round all ame Total cost of job Markup percentage =" Amount billed to client 100%

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Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.