MNC provides customized engineering services to large manufacturing companies and uses a job-order costing system. The system provided the following information June 30, 2016 July 31, 2016 Inventories Jobs in process $ 49,700$ 75,500 Information about July: Materials purchases Payroll Actual overhead incurred: 109,100 2,117,900 Supplies Indirect labour Other overhead costs 13,100 582,300 162,900 1,401,900 $4,663,500 Selling & administration 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 $2.3 million and $1,104,000 respectively Required: 1. Compute the predetermined overhead allocation rate for the year. Predetermined overhead allocation rate % of direct labour cost 2. Compute the following amounts for the month of July: a. Cost of jobs completed b. Gross profit C. Net income