Requirement 1. Compute Peters Realtors' (a) hourly direct labor cost rate and (b) predetermined overhead allocation rate. Begin with (a) hourly direct labor cost rate. Direct labor Data Table cost rate per hour Now compute Peters Realtors' (b) predetermined overhead allocation rate 19,600 hours Predetermined overhead allocation rate % Direct labor hours (professionals) Direct labor costs (professionals) Office rent Support staff salaries Utilities $ 2,450,000 400,000 Requirement 2. Compute the predicted cost of the Tibbs Manufacturing job. 1,385,000 420,000 Peters Realtors Estimated Cost of the Tibbs Manufacturing Job Print Done hrs. + % Total predicted cost Requirement 3. If Peters wants to earn a profit that equals 40% of the job's cost, how much should he bid for the Tibbs Manufacturing job? Add: Required service revenue