Question 3 McKenna Collins LLP public accounting firm employs 10 full-time professionals who provide services to clients. All professional labour compensation is traced directly professional labour-hour basis. Any other costs are overhead) and allocated to individual clients according to billable professional labour-hours to clients on a per included in a single indirect-cost pool (same as Operating costs and data for the year included the following Estimated Actual Overhead (indirect) costs Number of billable professional labour-hours Total professional compensation $1,000,000 $1,200,000 50,000 750,000 40,000 750,000 Required: By how much, if any, b. Prepare a summary journal entry to close any underapplied or overapplied overhead cost to a Cost of Services Provided account was the overhead cost underapplied overapplied? a. possible) the source(s) of any Explain qualitatively and quantitatively (in underapplied or overapplied overhead cost much detail C. as as