Question 2 (20 Marks) A firm uses job costing. Three jobs were worked on during a period, the details of which were: Opening work in progress Material in period Labour in period Job 1 RM 8500 17150 12500 Job 2 RM 0 29025 23000 Job 3 RM 46,000 0 4500 The overheads for the period were exactly as budgeted :RM140000 and are absorbed on the basis of direct labour cost. Required: a) Job 1 and 2 were incomplete at the end of the period. What was the value of closing work in progress? (10 marks) b) Job 3 was completed during the period and consisted of a batch of 2400 identical circuit boards. The firm adds 50% to total production costs to arrive at a selling price. What is the selling price of a circuit board? (10 marks)