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Allocation Busters (AB) is a dispute mediation firm offering services to firms in disputes about oost allocations with govemment agencies. For March, AB worked 455 hours for Massive Airframes and 665 hours for Gigantic Drydocks. AB bills clients at the rate of $502 per hour, labor cost for its professional slaff is $200 per hour. Overhead costs in March tctaled $41,520. Overhead is applied to clients at $44 per labor-hour. In addition, AB had $199,600 i markeling and administrative cosls. All ransactions are on account. AlI services were billed. (al Racord Labor cost Record Applied Service Overhead Record Achual Sarvice Overhead c) Record Cost of services billed (d Required: a. Show labor and overhead cost flows through T-accounts. Answer Is not complete. s Payable Beg. bal Beg. bal. 224,000 (a) 224,000 224.000 End. bal End. bal 273 280 Bag hal Beg hal 299,4503 41980 ) End. bal 299,450 End bal 1.980 Bag. bal 50,850 50,850 End. bal b. Prepare an income statement for the company for March. ALLOCATION BUSTERS Income Statement For the Month Ended March 31