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Solved by a verified expert :Alocation Busters (AB) is a dispute mediation firm offering services to firms in disputes about cost allocations with government agencies. For March, AB worked 444 hours for Massive Airframes and 661 hours for Gigantic Drydocks. AB bills clients at the rato of $500 per hour, labor cost for its professional staff is S210 per haur. Ovarhead costs in March totaled $40,120. Ovrhead is applied to clients at $40 per labor-hour. In addition, AB had $198,800 in marketing and administrative costs. All transactions are on account. All services were billed Record Labor cost Record Appied Servioe Overhead Record Cost of services blled Record Actual Service Overhead Required: a. Show labor and overhead cost fiows through T-accounts. s Payable Beg.bal. Bea. bal End. bal. End. bal Bog.bal. Beg. bal. End, bal End, bal Applied Service Bog. bal. End. b b. Prepare an income statement for the company for March. ATION BUS Income Statement For the Month Ended March 31