A year-end audit conducted for an engineering firm provided the following information. What is the firm’s approximate facility capital cost of money (FCCM) on a direct labor basis?ItemItem Cost ($)Cost ($) Item Cost ($) Direct LaborDirect Labor 6,234,6686,234,668 Direct Labor 6,234,668 Allowable fringe benefitsAllowable fringe benefits 3,233,8893,233,889 Allowable fringe benefits 3,233,889 Allowable general overheadAllowable general overhead 8,444,4448,444,444 Allowable general overhead 8,444,444 Facility cost of capital (FCCM)Facility cost of capital (FCCM) 190,000 190,000 Facility cost of capital (FCCM) 190,000
