Implement a cost allocation system for a consulting firm that provides two types of services: Management Consulting and IT Consulting. The following costs are incurred:

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  • Direct Costs: $500,000
  • Indirect Costs: $300,000
  • Allocation Bases:
    • Management Consulting: 60% of total labor hours.
    • IT Consulting: 40% of total labor hours. Allocate the indirect costs to each service line based on the allocation bases provided. Present your calculations in a tabular format, and discuss the rationale behind the allocation method chosen.