The Chesapeake Legal Consulting Services, a legal consulting firm, specializes in advising companies on mergers and acquisitions. The firm uses a job order costing system with a predetermined overhead allocation rate, computed as a percentage of direct labor costs. At the beginning of 2020, Mr. Smith, a legal associate, prepared the following budget for the year: Direct labor hours (professionals) $15,000 hours Direct labor costs (professionals) $3000,000 Office Rent $300,000 Support Staff salaries 1,500,000 Utilities $500,000 Tesla Motor Inc., is inviting several legal firms to bid for its planned new merger and acquisition project, Mr. Smith wants to submit a bid and estimates that this job will require about 250 labor hours. Requirement 1) Compute The Chesapeake Legal Consulting Services' hourly direct labor cost rate and its predetermined overhead allocation rate? 2) Compute the predicted cost of the Tesla Motor Inc. 3) If Mr. Smith wants to earn a profit that equals 20% of the consulting Job's cost, how much should he bid for the Tesla Motor Ine's job