Simms Realtors, a real estate consulting firm, specializes in advising companies on potential new plant sites. The company uses a job order costing system with a predetermined overhead allocation rate, computed as a percentage of direct labor costs. At the beginning of 2024, managing partner Lee Simms prepared the following budget for the year: Click the icon to view the prepared budget.) (Click the icon to view additional information.) Read the requirements. Now compute Simms Realtors' (b) predetermined overhead allocation rate. Predetermined overhead Estimated total indirect costs Estimated direct labor costs allocation rate $ 1,237,500 2,250,000 55 % Requirement 2. Compute the predicted cost of the Tibbs Manufacturing job. Simms Realtors Estimated Cost of the Tibbs Manufacturing Job Direct labor 190 hrs. x $ 150 $ 28,500 + Indirect costs 55 % $ 28,500 $ 15,675 Total predicted cost $ 44,175 Requirement 3. If Simms wants to earn a profit that equals 28% of the job's cost, how much should he bid for the Tibbs Manufacturing job? Add: Required service revenue Simms Realtors, a real estate consulting firm, specializes in advising companies on potential new plant sites. The company uses a job order costing system with a predetermined overhead allocation rate, computed as a percentage of direct labor costs. At the beginning of 2024, managing partner Lee Simms prepared the following budget for the year: Click the icon to view the prepared budget.) (Click the icon to view additional information.) Read the requirements. Now compute Simms Realtors' (b) predetermined overhead allocation rate. Predetermined overhead Estimated total indirect costs Estimated direct labor costs allocation rate $ 1,237,500 2,250,000 55 % Requirement 2. Compute the predicted cost of the Tibbs Manufacturing job. Simms Realtors Estimated Cost of the Tibbs Manufacturing Job Direct labor 190 hrs. x $ 150 $ 28,500 + Indirect costs 55 % $ 28,500 $ 15,675 Total predicted cost $ 44,175 Requirement 3. If Simms wants to earn a profit that equals 28% of the job's cost, how much should he bid for the Tibbs Manufacturing job? Add: Required service revenue