Allocation Busters (AB) is a dispute mediation firm offering services to firms in disputes about cost allocations with government agencies For March, AB worked 450 hours for Massive Airframes and 660 hours for Gigantic Drydocks. AB bills clients at the rate of $510 per hour, labor cost for its professional staff is $210 per hour. Overhead costs in March totaled $41850. Overhead is applied to clients at $40 per labor-hour. In addition, AB had S198,100 in marketing and administrative costs. All transactions are on account All services were billed Transaction Description (a) Record Labor cost (b) Record Applied Service Overhead (0) Record Cost of services billed (d) Record Actual Service overhead Required: . Show labor and overhead cost flows through T-accounts. b. Prepare an income statement for the company for March Required A Required B Show labor and overhead cost flows through T accounts. Wages Payable Work In Process Beg bal Bog bal. End, bal 0 End bal Service Overhead Control Cost of Services Billed Beg bal Beg. bal 0 End bal End bal Applied Service O.. Beg bal 0 End. bal Required A Required B Prepare an income statement for the company for March ALLOCATION BUSTERS Income Statement For the Month Ended March 31 Service revenue Subtract Overapplied service overhead Gross margin Marketing and administration Operating profit