APIDAY ether in Chianti Gasteismo technology 0.0 points TechMaster is an information technology (IT) consulting company offering services to small firme. Toch Master bils clients for its various services based on the hours its professionals spend. In August, IT professionals billed 935 hours to clients and worked a total of 1,040 hours (the diference includes time for training, preparing bids, and so on, which are considered administrative costs). Tech Master bis de the rate of 5220 per hour labor cost for ins IT professionals is $70 per hour Overhead costs in August totaled $47.000. Overhead is applied to clients $57 por labor hour. In addition, Tech Master had 5870 marketing and administrative costs (including labor time as described above). Al transactions are on account. Al services were billed. Transaction Description () Record Laborcoat ) Record Applied Service Overhead Record Cost of services billed d Record Actual Service Overhead Required: Show labor and overhead cost flows through Taccounts Wages Payable Work In Process Beg bal Beg bu 0 End bol End. bal. 0 Cost of Services Billed Service Overhead Control Beg bal Beg bal 0 End, bal End, bal 0 Applied Service OH Beg bel End bal 0 b. Prepare an income statement for the company for August. TechMaster Income Statement For the Month Ended August 31 References eBook & Resources APIDAY ether in Chianti Gasteismo technology 0.0 points TechMaster is an information technology (IT) consulting company offering services to small firme. Toch Master bils clients for its various services based on the hours its professionals spend. In August, IT professionals billed 935 hours to clients and worked a total of 1,040 hours (the diference includes time for training, preparing bids, and so on, which are considered administrative costs). Tech Master bis de the rate of 5220 per hour labor cost for ins IT professionals is $70 per hour Overhead costs in August totaled $47.000. Overhead is applied to clients $57 por labor hour. In addition, Tech Master had 5870 marketing and administrative costs (including labor time as described above). Al transactions are on account. Al services were billed. Transaction Description () Record Laborcoat ) Record Applied Service Overhead Record Cost of services billed d Record Actual Service Overhead Required: Show labor and overhead cost flows through Taccounts Wages Payable Work In Process Beg bal Beg bu 0 End bol End. bal. 0 Cost of Services Billed Service Overhead Control Beg bal Beg bal 0 End, bal End, bal 0 Applied Service OH Beg bel End bal 0 b. Prepare an income statement for the company for August. TechMaster Income Statement For the Month Ended August 31 References eBook & Resources