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 Toot! 9,000 Tix 15,000 Total 24,000 $ 1,200,000 $ 800,000 $2,000,000 Engineering cost 10,000 $ 240,000 $360,000 $ 6,000 16,000 600,000 Administrative costs $ 480,000 Required: a. Compute the predetermined overhead rate used to apply administrative costs to the two services assuming SMI uses the engineering hours to allocate administrative costs. b. Based on the rates computed in requirement (a), what is the profit for each service? Complete this question by entering your answers in the tabs below. Required A Required B Compute the predetermined overhead rate used to apply administrative costs to the two services assuming SMI uses the engineering hours to allocate administrative costs. Predetermined overhead rate per engineering-hour 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 Toot! 9,000 Tix 15,000 Total 24,000 Revenues Engineering hours Engineering cost Administrative costs Required: $ 1,200,000 $800,000 $2,000,000 10,000 6,000 16,000 $ 240,000 $360,000 $ 500,000 $ 480,000 6. Compute the predetermined overhead rate used to apply administrative costs to the two services assuming SMI uses the engineering hours to allocate administrative costs. b. Based on the rates computed in requirement (a), what is the profit for each service? Complete this question by entering your answers in the tabs below. Required A Require Based on the rates computed in requirement (a), what is the profit for each service? Service Profit Tooth TIX