Allocation Busters (AB) is a dispute mediation firm offering services to firms in disputes about cost allocations with government agencies. For March, AB worked 458 hours for Massive Airframes and 679 hours for Gigantic Drydocks. AB bills clients at the rate of S508 per hour, labor cost for its professional staff is S200 per hour. Overhead costs in March totaled $40,260. Overhead is applied to clients at $41 per labor-hour. In addition, AB had $199,100 in marketing and administrative costs. All transactions are on account. All services were billed. Record Labor cost Record Appied Service Overhead Record Cost of servicee biled Reoord Actual Service Overhead Required a. Show labor and overhead cost fows through T-accounts. Wages Payable Beg. bal. Beg. bal. End, bal. End.bal. Cost of Services Billed Beg. bal. Beg. bal End. bal. End. bal Beg. bal. End. bal. b. Prepare an income statement for the company for March. ALLOCATION BUSTERS Income Statement For the Month Ended March 31