Direct materials Direct professional hours ($50/hour) $32,000 1,200 The industry customarily bills customers at 150% of total cost. Required: 1. Compute the predetermined overhead rate. Predetermined overhead rate per professional hour 2. Assume that Dillard's wants to improve profitability. Name three questions that could be asked to assess current profitability levels for each product and how profitability could be improved in the near future