Jennifer Barney is a new staff accountant at McDonald & Associates. She is paid a salary of $69,600 per year and is expected to work 2,400 hours per year on client jobs. The firm's indirect cost allocation rate is $23 per hour. The firm would like to achieve a profit equal to 20% of cost. 1. 2. Convert Jennifer's salary to an hourly wage rate for billing purposes. Calculate the professional billing rate McDonald & Associates would use for billing out Jennifer's services. 1. Convert Jennifer's salary to an hourly wage rate for billing purposes. Select the formula and enter the amounts to compute Jennifer's direct labor rate per hour. Direct labor rate /hour 2. Calculate the professional billing rate McDonald & Associates would use for billing out Jennifer's services. (Round all amounts to the nearest cent.) Plus: Total hourly cost Plus: Hourly billing rate for Jennifer Barney