Queenston Professional Support $($QPS$)$ provides professional services $($IT$,$ payroll and billing, and so on$)$ to firms requiring temporary help in those areas. QPS bills clients for its various services based on the hours its professionals spend. In January. QP$ professionals billed $1,895$ hours to clients and worked a total of $1,960$ hours. The difference includes time for training, preparing bids, and so bon which are considered administrative costs.$)$ QPS bills clients at the rate of $$335$ per hour; labor cost for its professionals averaged $$165$ per hour in January. Overhead costs in January totaled $$117,050.$ Overhead is applied to clients at $$60$ per labor$-$hour lin addition. QP$.$ $ had $$155,200$ in marketing and administrative costs $($not including the professional labor time as described$).$ All transactions are on account. All services were billed.

$\backslash$table$[[$Transaction$,$Description$],[($a$),$Record labor cost$],[($b$),$Record applied service overhead$],[($c$),$Record cost of services billed$],[($d$),$Record actual service overhead$]]$

Required:

a$.$ Show labor and overhead cost flows through T$-$accounts.

b$.$ Prepare an income statement for the company for January$-$

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Required A

Required B

Show labor and overhead cost flows through T$-$accounts.

$\backslash$table$[[$Applied Service Overhead$],[$Debit$,$Credit$],[$Beginning balance,,,$],[$Closing$,70,500,70,500,($c$)],[$Ending balance,$0,,]]$

$\backslash$table$[[$Service Overhead Control$],[$Debit$,,$Credit$],[$Beginning balance,,,,$],[($d$),,75,200,,$Closing$],[,,,70,500,],[$Ending balance,$4,700,,,]]$