Farnsworth Executive Coaching (FEC) offers services to firms in advising executives on improving productivity and leadership For August, FEC worked 660 hours for Grace Corporation and 390 hours for Temple Construction. In addition, FEC had small engagements with various clients totaling 125 hours FEC bills clients at the rate of $600 per hour, labor cost for its professional staff is $275 per hour Overhead costs in August totaled $73,200. Overhead is applied to clients at $65 per labor-hour. In addition, FEC had $179,250 in marketing and administrative costs. All transactions are on account. All services were billed Description Transaction (a) Record labor cost (b) Record applied service overhead (c) Record cost of services billed (P) Required: Record actual Service overhead a. Show labor and overhead cost flows through T-accounts b. Prepare an income statement for the company for August. Complete this question by entering your answers in the tabs below. Required A Required B Show labor and overhead cost flows through T-accounts. Wages Payable Debit Beginning balance Work-in-Process Credit Debit Credit Beginning balance Required A Required B Show labor and overhead cost flows through T-accounts. Wages Payable Debit Beginning balance Ending balance Work-in-Process Credit Debit Credit Beginning balance Ending balance 0 Cost of Services Billed Service Overhead Control Debit Credit Debit Credit Beginning balance Beginning balance Ending balance Beginning balance Ending balance alled Service Overhead Debit Credit Ending balance 0 Required A Required B > Required: a. Show labor and overhead cost flows through T-accounts. b. Prepare an income statement for the company for August. Complete this question by entering your answers in the tabs below. Required A Required B Prepare an income statement for the company for August. Farnsworth Executive Coaching Income Statement For the Month Ended August 31