Social Media, Inc. (SMI) has two services for users. Toot!, which connects tutors with students who are looking for tutoring services, and TIX, which can be used to buy, sell, or exchange event tickets. For the following year, SMI expects the following results. Users Revenues Engineering hours Engineering cost Administrative costs Toot! 9,000 $1,200,000 10,000 $ 240,000 Tix 15,000 $800,000 6, eee $360,000 Total 24,000 $2,000,000 16,000 $ 600, eee $ 480, eee The company is considering using a two-stage cost allocation system and wants to assess the effects on reported product profits. The company is considering using Engineering Hours and Users as the allocation base. Additional information follows. Toot! 10, eee 9,000 Tix 6, eee 15,000 Total 16,eee 24,000 Engineering hours Users Engineering-hour related administrative cost User-related administrative cost $120,000 $360,000 Required: o. Compute the predetermined overhead rate used to apply the two administrative costs pools to the two services assuming SMI uses the proposed two-stage cost system to allocate administrative costs. b. Based on the rates computed in requirement (a). what is the profit for each service