Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch of souvenirs is a job. The company uses a perpetual inventory system and has a highly labour-intensive production process, so it assigns manufacturing overhead based on direct labour cost. Exclusive's predetermined overhead rate for 2020 was computed from the following data: Total estimated factory overhead Total estimated direct labour cost $2,400,000 $2,000,000 The WIP account given below relates to the activities of Exclusive Souvenirs for the month of June: June 1 Balance b/f Direct Materials Used WIP Inventory A/C $15,000 123,000 Additional data: Total material requisitioned Manufacturing Labour Costs incurred " " Other manufacturing overheads incurred $153,000 .......$163,500 (75% represents direct labour) $94,275 Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold to the hotel on account at a margin of 33 1/3% on sales. e) Compute Exclusive Souvenirs' gross profit earned on the jobs, after adjusting for the manufacturing overhead variance. (1% marks)