Question 3 (10 Marks) McKenna Collins LLP public accounting firm employs 10 full-time professionals who provide services to clients. All professional labour compensation is traced directly to clients on a per professional labsyhour basis. Any other costs are included in a single indirect-cost pool (same as overhead) and allocated to individual clients according to billable professional labour-hours Operating costs and data for the year included the following Overhead (indirect) costs Number of billable professional labour-hours Total professional compensation Estimated Actual $1,000,000 $1.200.000 40,000 50.000 750,000 750,000 Required a By how much, if any, was the overhead cost underapplied or overapplied? (4 Marks) b. Prepare a summary journal entry to close any underapplied or overapplied overhead cost to a Cost of Services Provided account. (2 Marks) c. Explain qualitatively and quantitatively (in as much detail as possible) the source(s) of any underapplied or overapplied overhead cost (4 Marks)