Show labor and overhead cost flows through T-accounts. \begin{tabular}{|l|l|l|l|} \hline \multicolumn{4}{|c|}{ Applied Service Overhead } \\ \hline Beginning balance & & & \\ \hline & & & \\ \hline Ending balance & & & \\ \hline \end{tabular} Prepare an income statement for the company for August. Farnsworth Executive Coaching (FEC) offers services to firms in advising executives on improving productivity and leadership. For August. FEC worked 696 hours for Grace Corporation and 426 hours for Temple Construction. In addition, FEC had small engagements with vanous clients totaling 161 hours. FEC bills clients at the rate of $780 per hour; labor cost for its professional staff is $455 per hour Overhead costs in August totaled $75,000. Overhead is applied to clients at $65 per labor-hour In addition, FEC had $180,150 in marketing and administrative costs. All transactions are on account All services were billed. 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