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Information relating to Valley Inc. follows: i (Click the icon to view the company's information.) 1. Compute Valley's indirect cost allocation rate. 2. Compute the total costs assigned to the Clancy and Levy engagements. Requirement 1. Compute Valley's indirect cost allocation rate. First identify the formula used to compute the indirect cost allocation rate, then compute the rate. (Round your answer to two decimal places.) Indirect cost allocation rate (per hr) Requirement 2. Compute the total costs assigned to the Clancy and Levy engagements. (Round your answers to the nearest whole dollar.) Clancy Levy Total costs Requirement 3. Compute the operating income from the Clancy and Levy engagements. (Round your answers to the nearest whole dollar.) Clancy Levy Less Operating income