Mertz Group is a consulting firm specializing in mergers and acquisitions. In addition to the three partners, the firm employs nine consultants who work directly with clients. The average budgeted compensation for the twelve professionals is $65,000. Each consultant is budgeted at 1,600 billable hours per year. All professional labor costs are included in a single direct cost pool and are traced to jobs on a per-hour basis. All non-professional labor costs are included in a single overhead cost pool and are allocated to jobs using professional labor hours as the allocation base. Budgated overhead costs total $600,000 During the period, the firm worked on the following jobs: (a) The Smith account: Consultants booked 100 hours (b) The Davis account Consultants booked 175 hours. Required: 1. Compute the budgeted direct cost rate per hour of professional labor. (Round your answer to 3 decimal places.) Direct cost rate per professional labor hour Invo FILE Scan 2. Compute the budgeted overhead cost rate per hour of professional labor. (Round your answer to 2 decimal places.) Overhead cost rate per professional labor hour