Martinez Realtors, a real estate consulting firm, specializes in advising companies on potential new plant sites. The company uses a job order costing system with a predetermined overhead allocation rate, computed as a percentage of direct labor costs. At the beginning of 2024, managing partner Peter Martinez prepared the following budget for the year: (Click the icon to view the prepared budget.) Read the requirements. i (Click the icon to view additional information.) Requirement 1. Compute Martinez Realtors' (a) hourly direct labor cost rate and (b) predetermined overhead allocation rate. Begin with (a) hourly direct labor cost rate. Now compute Martinez Realtors' (b) predetermined overhead allocation rate. = || Direct labor cost rate per hour Predetermined overhead allocation rate %