S3-5 Compute a professional billing rate (Learning Objective 7) 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