Tibbs Realtors, a real estate consulting firm, specializes in advis predetermined overhead allocation rate, computed as a percenta budget for the year: (Click the icon to view the prepared budget.) Read the requirements Requirements 1. Compute Tibbs Realtors' (a) hourly direct labor cost rate and (b) predetermined overhead allocation rate. 2. Compute the predicted cost of the Root Manufacturing job. 3. If Tibbs wants to earn a profit that equals 48% of the job's cost, how much should he bid for the Root Manufacturing job? Requirement 1. Compute Tibbs Realtors' (a) hourly direct labor Begin with (a) hourly direct labor cost rate. Estimated direct labor costs 2,950,000 Direct labor Estimated direct labor hours 23,600 cost rate 125 per hour Now compute Tibbs Realtors' (b) predetermined overhead allocation rate. Estimated total indirect costs 1,917,500 Print Done Estimated direct labor costs 2,950,000 Predetermined overhead allocation rate 65% Requirement 2. Compute the predicted cost of the Root Manufacturing job. Tibbs Realtors Estimated Cost of the Root Manufacturing Job Direct labor 260 hrs. $ 125 32,500 Direct labor 48 %* Total predicted cost More info Root Manufacturing, Inc. is inviting several consultants to bid for work. Matthew Tibbs wants to submit a bid. He estimates that this job will require about 260 direct labor hours. Print Done Data table Direct labor hours (professionals) Direct labor costs (professionals) Office rent Support staff salaries Utilities 23,600 hours $ Print Done 2.950,000 380.000 1,107,500 430,000