Question 1: Job Order Costing (12 marks) The information below has been taken from the cost records of the Bean Counters Company for 2021: Raw materials used in production $1,400 Total manufacmring costs 8,000 Applied factory overhead 3,300 Selling 8: Administrative expense 2,150 Inventories : Raw materials, January 1 480 Raw materials, December 31 520 Work in process, January I 7'30 Work in process, December 31 650 Finished goods, January 1 480 Finished goods, December 31 460 Required(sllow your calculation): F" Compute the cost of raw materials purchased during 2021(2 marks). b. The company applies manufacturing overhead to products on the basis of the number of direct labour hours. It estimated 1,100 direct labour hours at the beginning of the year. The actual direct labour hours is 1,000 for 2021. Compute the predetermined overhead rate that was used during 2021(2 marks). Compute the direct labour cost (3 marks) d. Compute the cost of goods manufactured for 2021(3 marks}. e. Compute cost of goods sold for 2021(2 marks). F