Gray Accounting pays Tim Johnson $101.760 per year. Requirements 1. What is the hourly cost to Gray Accounting of employing Johnson? Assume a 40-hour week and a 48-week year. 2. What direct labor cost would be assigned to Client 507 if Johnson works 13 hours to prepare Client 507's financial statements? Select the formula below that Gray Accounting would use to calculate the hourly cost and complete the formula. (Round the hourly cost to the nearest cent.) Hourly cost