Scene Manufacturing Company Ltd. operates out of Okotoks and manufactures unique, one-of-a-kind, custom made trailers. For 2020 the company estimated that it would incur $187,000 in manufacturing overhead cost, $238,000 in direct labour cost and 17,000 direct labour hours. The company applies manufacturing overhead costs on the basis of actual direct labour hours. For the past four years, as a result of excellent budgeting, the budgeted direct labour hourly rate has equalled the actual direct labour hourly rate. The predetermined manufacturing overhead application rate has not changed since 2017. The company was incorporated on December 1, 2003 and immediately commenced operations. Since incorporation, the company has used a November 30 year end date for accounting and tax purposes. The following information is for the most recent year ended, November 30, 2020: a. Raw materials were purchased on account: $674,704. b. Of the raw materials that were used during the year, $71,250 were indirect raw materials. c. The opening raw materials balance was $20,000. d. Manufacturing overhead was overapplied by $30,000 e. Selling and administrative salaries were $150,000 f. The total actual factory payroll was $386,000 ($65,750 of that was for indirect labour). g. Their insurance policy covers the calendar year January 1 to December 31. The opening prepaid insurance balance on December 1, 2019 was $1,500. The company paid additional insurance premiums of $24,000 during their current fiscal year. Eighty percent of the insurance relates to the factory. Twenty percent of the insurance relates to selling and administration. h. Advertising cost was incurred: $15,000. i. Total depreciation charges for the year totalled $45,000. This was properly allocated to the factory equipment and to the selling and administrative equipment. j. Utilities incurred during the year in the factory was $37,000; selling and administrative utilities were: $25,500. k. The November 30, 2020 balance of raw materials inventory was $30,000 I. The adjusted balance of finished goods inventory on November 30, 2019 was $15,000. m. During the year, trailers that cost $1,154,829 to manufacture according to their job cost sheets were completed and transferred to the finished goods warehouse. n. According to their job cost sheets, trailers that had cost $1,100,000 to manufacture were