Nicole Grandstone is a new staff accountant at James \& Associates. She is paid a salary of $67,600 per year and is expected to work 2,600 hours per year on client jobs. The firm's indirect cost allocation rate is $25 per hour. The firm would like to achieve a profit equal to 20% of cost. 1. Convert Nicole's salary to an hourly wage rate for billing purposes. 2. Calculate the professional billing rate James \& Associates would use for billing out Nicole's services. 1. Convert Nicole's salary to an hourly wage rate for billing purposes. Select the formula and enter the amounts to compute Nicole's direct labor rate per hour. =Directlaborrate=perhour