Sunshine Pte Ltd manufactures all types of custom-made furniture. It uses a job-costing system and applies manufacturing overhead on the basis of machine hours. The company's manufacturing overhead budget for the year totalled $2,400,000. It has a maximum capacity of 320,000 machine hours. However, it is budgeted to be able to use 75% of this capacity during this period. On 31 July, Sunshine Pte Ltd has the following balances: Work in process inventory Job number 422 $18,000 Job number 423 $8,620 Raw materials inventory $13,360 Finished goods inventory Job number 421 $23,000 In August, the following occurred: (i) Raw materials purchased on credit $4,840 (ii) Raw materials requisitions Job number 422 $1,020 Job number 423 $600 Job number 424 $2,480 $600 Indirect materials (used in production) Machine hours, direct labour hours and wages for factory employees Machine hours Labour hours Wages (111 Job number 422 423 2,400 880 424 3,900 2,320 $24.480 720 $8,640 2,860 $40,100 600 $5,880 (iv) Indirect labour Other overhead incurred: Depreciation machineries Depreciation-delivery vans $4,000 $400 Salaries production $10,000 Salaries - sales and administration $7,000 Other factory costs $15,600 Other selling and administration costs $9,600 (v) Spoilage & reworked costs . Job number 422 Normal spoilage with estimated disposal selling price of $320 was incurred. Job number 423 Normal spoilage amounting to $70 and abnormal spoilage of $30 were incurred. Job number 424 Rework cost of $52 was incurred. (vi) Job number 422 and Job number 423 were completed during the month. (vii) Job number 421 was sold for cash at a mark-up of 30% on cost while Job number 422 was sold on credit at a price that allowed the company to earn a gross profit margin of 20%. Required: (a) Compute the pre-determined overhead rate. (b) Calculate the following: (i) Raw materials inventory as of 31 August. (3 marks) (11) Work in process as of 31 August. (111) Finished goods inventory as of 31 August. (iv) Selling price for Job number 421 and Job number 422. (16 marks)