QUESTION THREE (11 marks) Carver Test Systems manufactures automated testing equipment. The company uses a job-order costing system and applies overhead on the basis of machine hours (MH). At the beginning of the year, January 1, estimated manufacturing overhead was $1,960.000, and the estimated machine hours was 98,000. Data regarding several jobs at Carver are presented below. Beginning Direct Direct Machine Job Number Balance Materials Labour Hours XJ-107 $118,600 $4,000 $8,400 150 ST-211 121,450 2,500 12,160 300 XD-108 21,800 86,400 36,650 3,100 SL-205 34,350 71,800 32,175 2,700 RX-115 18,990 21,845 1,400 By the end of January, all jobs but RX-115 were completed. All completed jobs had been delivered to customers except for SL-205. Required: 1. Calculate the predetermined overhead rate that Carver was using. (2 marks) 2. Calculate the total balance in Finished Goods inventory at the end of January. Show all job costs for only the job(s) remaining in this account in the chart started below. Complete the chart headings and costs for job(s) in ending Finished Goods Inventory (4 marks) Beginning Balance DM Cost Job # DL Cost Total 3. What is the total ending balance in Work-in Process at the end of the previous year (December 31)? (2 marks) 4. Calculate the total balance in Work in Progress inventory at the end of January. Show all job costs for only the job(s) remaining in this account in the chart started below. Complete the chart headings and costs for job(s) in ending WIP Inventory. (3 marks) Beginning DM Job # Balance DL Cost Cost