Block Advertising pays Thomas Tibbs $90,000 per year. Requirements 1. What is the hourly cost to Block Advertising of employing Tibbs? Assume a 30-hour week and a 50-week year. 2. What direct labor cost would be assigned to Client 507 if Tibbs works 12 hours to prepare Client 507's magazine ad? Requirement 1. What is the hourly cost to Block Advertising of employing Tibbs? Assume a 30-hour week and 50-week year. Select the formula below that Block Advertising would use to calculate the hourly cost and complete the formula. (Round the hourly cost to the nearest cent.) Yearly salary 1 Available work hours per year y = Hourly cost 1 Requirement 2. What direct labor cost would be assigned to Client 507 if Tibbs works 12 hours to prepare Client 507's magazine ad? Select the formula below that would be used to calculate the direct labor cost assigned to Client 507 and calculate that cost. (Round the direct labor cost to the nearest cent.) Hours worked on job x Daily salary Direct labor cost