A public accounting firm employs 10 full-time professionals who provide services to clients. All professional labour compensation is traced directly to clients on a per professional labour- hour basis. Any other costs are included in a single indirect-cost pool (same as overhead) and allocated to individual clients according to billable professional labouL-hours. Operating costs and data for the year included the following Actual $1,000,000 $1,200,000 50,000 750,000 750,000 Estimated Overhead (indirect) costs Number of billable professional labour-hours Total professional compensation 40,000 Required: 1. Calculate the amount of overhead cost underapplied or overapplied.+ 2. Prepare a summary journal entry to close any underapplied or overapplied overhead cost to a Cost of Services Provided account (similar.to Cost of Goods Sold account for a manufacturing company).+ 3. Explain why overhead was either underapplied or overapplied