Part 1 of 4 O Points: 0 of 20 Save Elkland Heating & Cooling installs and services commercial heating In October, Elkland started and completed the following and cooling systems. Elkland uses job costing to calculate the cost of two jobs: its jobs. Overhead is allocated to each job based on the number of (Click the icon to view the jobs.) direct labor hours spent on that job. At the beginning of the current year, Elkland estimated that its overhead for the coming year Elkland paid a $20-per-hour wage rate to the employees would be $60,000. It also anticipated using 4,000 direct labor hours who worked on these two jobs. for the year. Read the requirements Requirement 1. What is Elkland's predetermined overhead rate based on direct labor hours? Determine the formula to calculate Elkland's predetermined overhead rate based on direct labor hours, then calculate the rate. = Predetermined overhead rate