Problem 3 (Cost Flows in a service organization) For the month of March CBL Consulting Group worked 400 hours for Dynasty Manufacturing, 100 hours for Golden Manufacturing and 200 hours for Commissions, Inc. CBL bills clients at the rate of P100 per hour, while labor cost is P40 per hour. A total of 800 hours were worked in March, with 100 hours not billable to clients. Overhead costs of P12,000 were assigned to jobs (that is, clients) on the basis of direct labor-hours. Since 100 hours were not billable, some overhead was not assigned to jobs. CBL had P6,000 marketing and administrative costs. All transactions are on account. a. b. c. Show the flow of cost through T-accounts. Prepare an income statement for CCG for the month ended March 31. Prepare journal entries