6-43. Predetermined Overhead Rates and Product Profitability Social Media, Inc. (SMI), has two services for users. Toot!, which connects tutors with studente who are looking for tutoring services, and Tix, which can be used to buy, sell, or exchange event! tickets. For the following year, SMI expects the following results. Toot! Tix Users ..... 9,000 15,000 Revenues...................... $1,200,000 $800,000 Engineering hours ............ 10,000 6,000 Engineering cost ............. $ 240,000 $360,000 Administrative costs ........ Total 24,000 $2,000,000 16.000 $ 600,000 $ 480,000 Required a. Compute the predetermined overhead rate used to apply administrative costs to the two services assuming SMI uses the number of users to allocate administrative costs. b. Based on the rates computed in requirement (a), what is the profit for each service