1. Chronos Test Systems manufactures automated testing equipment. The company uses a job-order costing system and applies overhead on the basis of machine hours (MH). At the beginning of the year, estimated manufacturing overhead was $1,960,000, and the estimated machine hours was 98,000 . Data regarding several jobs at Chronos are presented below. By the end of the first month (January), all jobs but RX-115 were completed, and all completed jobs had been delivered to customers except for SL-205. Required: (5 Marks) a) What was the balance in Finished Goods inventory at the end of January? b) What was the total Job Cost for jobs XJ-107, ST-211 and XD-108? c) What is the balance in WIP at the end of January