Reference no: EM133171806

Question - As a service to the public, the accounting department at a major university provides speakers for budgeting seminars at functions such as club meetings, couples' retreats, and at several local half-way houses and women's shelters. Speakers, who hold doctorate degrees in accounting, are paid by the college of business an hourly rate of $64 plus fringe benefits estimated at 30% of their hourly rate. Since all speaking engagements are in the local area, speakers are paid 10% of their hourly rate for transportation costs. Speakers are paid for their speaking time plus their travel and preparation time. The standard time estimated for each speaking engagement is 1 hour and 30 minutes.

Required - Calculate the standard cost for each engagement.