Question 1 (9 marks - suggested time 16 minutes) Sheldon and Leonard recently opened their company Subatomic Shirts that manufactures customized t-shirts They have assigned the manufacturing costs to their first 4 jobs and have provided you with the following information for the month of January: Manufacturing Manufacturing Costs Month Month Month costs as of 1 Number Started Assigned in January Dec. 31st Completed Sold Direct Direct Manufacturing Materials Labour Overhead H20 SIRO December December January $4,000 $8,000 $14,000 $21,000|December completed cold H22 $1,000 $2,000 $1,000 $1,500|December January $14,000 $5,000 $7.500|january panuary H21 Not 123 Subatomic sold Job H20 in January for $33,000. The company incurred selling and administrative expenses totaling $7,500 in January. Subatomic uses a normal (traditional) costing system to apply overhead cost to each job. (a) What was the balance in Work in Process Inventory on January 31"? (3 marks) (b) What was the balance in Finished Goods Inventory on January 1'? (1 mark) (c) Subatomic's actual overhead cost for January was $32,500. What was the total value of overhead applied in January? (2 marks) (d) Was overhead underapplied or overapplied in January and by how much? (2 marks) Circle the correct answer: Over / under applied By how much? e) Subatomic assigns overapplied or underapplied overhead to cost of goods sold. Will the amount increase or decrease the value of Cost of Goods Sold in January? (1 mark)