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 $21,000 $ 9,920 $29,760 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 37,000 machine-hours and incur $148,000 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account: $220,000 b, Raw materials were requisitioned for use in production: $200,000 (85% direct and 15% indirect) c. The following costs were incurred for employee services Direct labour Indirect labour Sales commissions Administrative salaries $168,000 $ 29,000 $ 39,000 $ 84,000 d. Heat, power, and water costs were incurred in the factory: $46,500 e. Prepaid insurance expired during the year: $15,000 (80% relates to factory operations, and 20% relates to selling and administrative activities) f. Advertising costs were incurred, $55,000 g. Depreciation was recorded for the year $66,000 (75% relates to factory operations, and 25% relates to h. Manufacturing overhead cost was applied to production. The company recorded 42,000 machine-hours i. Goods that cost $503,000 to manufacture according to their job cost sheets were transferred to the j. Sales for the year totalled $747,000 and were all on account. The total cost to manufacture these goods selling and administrative activities). for the year finished goods warehouse according to their job cost sheets was $496,000