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P3-47A (similar to) i Requirements Hummingbird Design is an interior design firm. The firm uses a job cost system in which each client is a different "job." Hummingbird Design traces direct labor, licensing costs, and travel costs directly to each job (client). It allocates indirect costs to jobs based on a predetermined indirect cost allocation rate computed as a percentage of direct labor costs. At the beginning of BE(Click the icon Later that same ye appear here: BE: (Click the icon Read the requirem 1. Compute Hummingbird Design's predetermined indirect cost allocation rate for the current year. 2. Compute the total cost of each of the two jobs listed. 3. If Hummingbird Design wants to earn profits equal to 20% of sales revenue, how much (what total fee) should the company charge each of these two clients? 4. Why does Hummingbird Design assign costs to jobs? Requirement 1. Compute Hummingbird Design's predetermined indirect cost allocation rate for the current year. Identify the formula, then compute the rate. (Enter the result as a whole number.) Print Done Pre nined indirect cost allocation rate % 10,000 hours Data Table $ 1,100,000 Direct labor hours (professional) Direct labor costs (professional) Support staff salaries .. Computer lease payments. Office supplies $ $ Lovely Libations AllFood.com 140,000 46,000 26,000 63,000 $ Direct labor hours 780 hours 70 hours Office rent. $ $ $ 150 Choose from any list enter any number in the inp Licensing costs Travel costs 2,700 4,000 $ $ 0 ? Print Done