answer all parts

LO 12-2 Exercise 12-7B Job-order costing in a service company Tripoli Consulting provides financial and estate planning services on a retainer basis for the executive officers of its corporate clients. It incurred the following labor costs on services for three corporate clients during March 2018; Contract 1 Contract 2 Contract 3 Total Direct Labor $ 9,000 3,600 14,400 $27.000 Tripoli allocated March overhead costs of $13,500 to the contracts based on the amount of direct labor costs incurred on each contract. Required a. Assuming the revenue from Contract 3 was $40,000, what amount of income did Tripoli carn from this contract? b. Based on the preceding information, will Tripoli report finished goods inventory on its balance sheet for Contract 1? If so, what is the amount of this inventory? If not, explain why not