3 Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: 28 points Raw materiale Pr Work in proces Finished goods $18,000 $10,000 $30,400 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,400 machine-hours and incur $161,980 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $208,000. b. Raw materials were requisitioned for use in production: $194,000 (80% direct and 20% indirect). The following costs were incurred for employee services: Direct labour Indirect labour Sales commissions Administrative salaries $163,200 $27,000 $ 37,200 $1,600 d. Heat, power, and water costs were incurred in the factory: $43,800. e. Prepaid insurance expired during the year: $12,000 (85% relates to factory operations, and 15% relates to selling and administrative activities). f. Advertising costs were incurred, $52,000. g. Depreciation was recorded for the year: $62,400 (90% relates to factory operations, and 10% relates to selling and administrative activities). h. Manufacturing overhead cost was applied to production. The company recorded 40,800 machine-hours for the year. L. Goods that cost $497,600 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. Sales for the year totalled $718,600 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $491,800. Check my work