nent 4 - Chapter M2 Question 3, SM2-16 (similar to) Part 1 of 2 HW Score: 0%, 0 of 5 points O Points: 0 of 1 Save Smith Accounting pays Thomas Tibbs $111,600 per year. Assume that Smith's accountants are expected to work a total of 12,000 direct labor hours in 2024. Smith's estimated total indirect costs are $144,000 and the allocation base used is direct labor hours. Read the requirements Requirement 1. What is Smith's predetermined overhead allocation rate? Predetermined overhead alocation rate