Kevin \& Chris, a consuiting furm, specializes in providing internal audit services for its clients. It bills the clients $172 per hour for its professional services; it costs the firm $97 per hour to cover the cost of its staft. To cover its MOH costs, the partners have always applied MOH costs to dients based on total direct labor hours. At the beginning of the year, they budzeted for 9,700 direct labor hours and \$195,940 of MOH costs. In the current year, the firm's protessional staff worked on three key dient projects: All Ways, Inc, for 4200 hours; My Way, Inc, for 3,700 hours; and High Way, Inc, for 5,900 hours. These cllents were billed for this work by the end of the year. Naturally, there were other costs incurred to run the firm, including sales and marketing costs, which added up to $142,000 this year. Actual MOH costs for the year totaled $152.000 (a) Show the effects of the labor and MOH costs through Tactounts for the company's Inventory and Cost of Saies accounts. For Preparean incorre statement for the firm for the current year. eTextbookana Media Determine the gross margin percentage and the profit margin percentage. f. 1onswers to 2 decimol ploces, eg. 52.75% Gross margin percentage Profit marsin percentage