Question 1 (a) Below is the annual overhead cost for Lim Limited, which has three production and two service centres. The centres are as below. Productions Machine A Services Procurement Support Machine B Assembly The overhead cost and its basis of allocation for the financial year 2021are: RM'000 Allocation basis Indirect Labour Machine A Machine B Direct 800 800 Assembly 700 Procurement 400 Support 300 Indirect Material Direct Machine A 600 Machine B 600 Assembly 500 Procurement 200 Support 100 Others Area Utilities Rental Depreciation Salary General & Admin. Required: 120 240 24 300 100 Prepare the schedule of overhead cost allocation, based on the traditional costing for Lim Limited, for the year ended 31 December 2021. (22.5 marks) (b) Explain the inventory valuation method that is not recognised by International Financial Reporting Standard. Justify your answer. (2.5 marks) [Total: 25 Marks]