2. Swin Co. uses a job costing system, and manufacturing overhead is applied on the basis of machine hours. At the beginning of the year, management estimated that the company would incur $1,200,000 of manufacturing overhead costs and use 60,000 machine hours. Swin Co recorded the following events during the month of October. (a) Beginning balances: Raw materials inventory (RM): $150,000 Work in process inventory (WIP): $170,000 Finished goods inventory (FGs): $50,000 (b) Purchased 250,000 kilograms of raw materials on account. The cost was $5.00 per kilogram. (c) Issued 200,000 kilograms of materials to production. Assume all materials issued are at $5 per kilogram. (d) Incurred $280,000 of direct labour costs and $60,000 of indirect labour costs. (e) Recorded depreciation on equipment for the month, $23,000. (f) Recorded $41,500 of insurance costs for the manufacturing property. (g) Recorded $36,800 for utilities and other miscellaneous items for the manufacturing plant. (h) Completed job B20 costing $190,000 and job B21 costing $790,000 during the month and transferred them to Finished Goods inventory account. (i) Shipped job B21 to the customer during the month. (i) Used 11,000 machine hours during October. Required: Complete the relevant T-accounts to show the flow of costs through the company's manufacturing accounts. Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Manufacturing Overhead