Question 1 - Job costing (13 Marks) The following incomplete information is provided in relation to Lido Ltd for the month of January. (i) Opening balances: Raw materials Work in process (WIP) Finished goods $21,500 $43,300 $77,600 (ii) Closing balances Raw material WIP Finished goods $23,400 $38,200 $46,800 (iii) The actual labour rate is S15 per hour, and overhead is applied on the basis of $16.50 per direct labour hour, (iv) Jobs sold during the month were sold for $421,000 (credit sales). The cost of the goods sold during the month was $352,000 (v) Indirect material worth $5,600 were issued to production during January (vi) A total of 8,450 labour hours were worked during normal working hours. Employees also worked an additional 550 hours off overtime during the month. Overtime hours are paid at a rate of 150% ofthe normal hourly rate. (vii) Sundry manufacturing overhead costs incurred during January were $120,000 Requred: Complete the relevant T- accounts (provided on the next page) to show the flow off costs through the company's manufacturing accounts and answer the questions provided. (8 marks)