\fO Job number423 No1mal spoilage amounting to $20 and abnormal spoilage of$30 were inanred. - Job 11111111315424. Rework cost of$52 was incinred. (vi) Job nturrber 4-22 and Job number 4-23 were completed dining the month. {vii} Job number 421 was sold for cash at a mark-up of30'3'. on cost while Job number 422 was sold on credit at a price that allowed the company to eam a yoss prot margin of 20%. Required: (a) Compute the lire-determined overhead rate. [3 marks) (b) Calculate the following: (i) Raw materials inventory as of 31 August. (ii) Work inprocess as of31 August. (iii) Finished goods inventory as of 31 August. (iv) Selling price for Job number421 and Job number 4-22. (16 marks) (c) Prepare the necessary journal entries to describe and summarise the transactions for August. Show each job separately for the work in process inventory accounts only. Nat-rations can be ignored. (1? marks) (d) Determine the overapplied or mder-applied overhead for August. [5 marks) (e) Explain how the over-applied or underapplied overhead should be treated. [4 marks) (1) Provide the necessaryjotu'nal entries to close o' the balance in the overhead control account assuming: (i) The overhead variances are not signicant. (ii) The overhead variances are signicant. [3 marks)