If you know the name of the textbook that this question comes from, please post it in addition to the answer, thank you!

MNC provides customized engineering services to large manufacturing companies, and uses a job order costing system. The system provided the following information Dec 31, 2015 Jan 31, 2016 Inventories: $12,800 Jobs in process 24,600 Information about January: Direct materials purchases 150,000 Payroll 870,000 Actual overhead incurred 4,000 Supplies 190,000 Indirect labour Other overhead costs 380,000 Selling & administration 640,000 2,825,000 Sales MNC purchases materials as needed and consumes them during the accounting period. Therefore, it does not need to maintain a materials inventory account The payroll amount includes salaries/wages paid to professional (direct) labour as well as indirect labour. Overhead is allocated to jobs using a predetermined overhead allocation rate based on professional labour costs computed at the beginning of the year For 2016, MNC estimated its professional labour and overhead amounts to be $4 million and $2.86 million respectively Required 1. Compute the predetermined overhead allocation rate for the year 2. Compute the following amounts for the month of January: a. Cost of jobs completed. b. Gross profit c. Net income