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 Toot! 9,000 Tix 15,000 Total 24,000 10,000 $ 240,000 $360,000 $ $ 1,200,000 $ 800,000 $2,000, ese 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 cost to allocate administrative costs. b. Based on the rates computed in requirement (a), what is the profit for each service?