Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's Inventory balances were as follows: Raw materials Work in process Finished goods $16,000 $ 18,000 $ 30,008 The company applles overhead cost to Jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,000 machine-hours and Incur $153,000 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $200,000. b. Raw materials were requisitioned for use in production: $190,000 (80% direct and 20% Indirect). c. The following costs were incurred for employee services: Direct labour Indirect labour Sales commissions $160,000 $ 27,000 $ 36,000 Administrative salaries $ 80,000 d. Heat, power, and water costs were incurred in the factory: $42,000. e. Prepaid Insurance expired during the year: $10,000 (90% relates to factory operations, and 10% relates to selling and administrative. activities). f. Advertising costs were incurred, $50,000. g. Depreciation was recorded for the year: $60.000 (85% relates to factory operations, and 15% relates to selling and administrative activities). h. Manufacturing overhead cost was applied to production. The company recorded 40,000 machine-hours for the year. 1. Goods that cost $480,000 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. J. Sales for the year totalled $700,000 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $475,000.