PART A - 13 marks ABC provides customized architectural services to medium sized manufacturing companies in Halifax. The company uses a job order costing system. Below is selected information from the company's books. ABC purchases materials that is needed and consumes them during the accounting period. Therefore, it does not need to maintain a materials inventory account. The payroll amount includes salaries wages paid to professional labour as well as indirect labour. Overhead is allocated to jobs using a predetermined overhead allocation rate based on professional labour costs computed at the beginning of the year. For 2023ABC estimated its professional labour to be $4 million. It also estimated the overhead to be $1 million. ABC adjusts for over or underapplied overhead at the end of the year. Hint: Because this is a service organization, there is no finished goods inventory Required: 1. Compute the predetermined overhead allocation rate for the year 2. compute the following amounts for the month of July a) cost of jobs completed b) gross profit c) net income