Consulting computes the cost of each consulting engagement by adding a portion of firmwide overhead costs to the labor cost of the consultants on the engagement. The overhead costs are assigned to each consulting engagement using a cost driver rate based on consultant labor costs. Consulting's overhead costs are 8 million per year, and total consultant labor cost is estimated at 2 million per year. Requirements (a) What is Consulting's cost driver rate? (b) If the consultant labor cost on an engagement is , what cost will Consulting compute as the total cost of the consulting engagement? Question content area bottom Part 1 Requirement (a) What is Consulting's cost driver rate? The cost driver rate is $ enter your response here for each Part 2 Requirement (b) If the consultant labor cost on an engagement is , what cost will Consulting compute as the total cost of the consulting engagement? The total cost of the consulting engagement is $ enter your response here.