McBride and Associates employs two professional appraisers, each having a different specialty. Debbie specializes in commercial appraisals and Tara specializes in residential appraisals. The company expects to incur total overhead costs of $208,260 during the year and applies overhead based on annual salary costs. The salaries and billable hours of the two appraisers are estimated to be as follows: Annual Salary Billable Hours Debbie $80,520 1,100 Tara $58,320 1,350 The accountant for McBride and Associates is computing the hourly rate that should be used to charge clients for Debbie and Tara's services. The hourly billing rate should be set to cover the total cost of services (salary plus overhead) plus a 25 percent markup. Required: 1. Compute the predetermined overhead rate. 2. Compute the hourly billing rate for Debbie and Tara. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the predetermined overhead rate. Predetermined Overhead Rate % of Salary Cost Compute the hourly billing rate for Debbie and Tara. (Do not round your intermediate calculations, and round your final answers to 2 decimal places.) Debbie Tara Billing Rate StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Beginning Inventory $ 28,200 Ending Inventory $26,200 Raw materials Work in process Finished goods 21,300 46,200 78,800 68,800 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 41,000 2,000 63,300 35,400 24,300 236,700 Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March. Complete this question by entering your answers in the tabs below. Required Required 2 Based on the above information, prepare a cost of goods manufactured report. STORSMART COMPANY Cost of Goods Manufactured Report For the Month of March Direct Materials used in Production Total Current Manufacturing Costs Total Work in Process Cost of Goods Manufactured Based on the above information, prepare an income statement for the month of March. STORSMART COMPANY Income Statement For the Month of March Less: Cost of Goods Sold Cost of Goods Sold Net Income (Loss) from Operations