The following incomplete information is provided in relation to Newfield Ltd for the month of January: (1) The actual labour rate is $6 per hour, and overhead is applied on the basis of $7.50 per direct labour hour. (ii) Jobs sold during the month were sold for $450,000 (credit sales). The cost of the goods sold during the month was $385,000. (ii) Office supplies inventory worth $4,500 were issued to production during January (iv) A total of 10,000 labour hours were worked during normal working hours. Total overhead premiums incurred during the month are $2925. (V) Sundry manufacturing overhead costs incurred during January were $66,000. Raw Material Inventory Work in Process Inventory Bal. 1/1 $25,000 b) Bal. 1/1 $32,500 f) c) d) a) Bal 31/1 $24,000 Bal 31/1 $35,400 Finished Goods Inventory Bal. 1/1 $72,000 h) Cost of Goods Sold i) g) Bal 31/1 $45,000 Cost of Goods Sold Finished Goods Inventory Bal.1/1 $72,000 h) Bal 31/1 $45,000 i) Sales Revenue A/C Rec $450,000 Manufacturing Overhead k) m) 1) Sundry OH $66.000 i) Complete the T accounts providing the amounts of a) to m) to show the flow of costs through the company's manufacturing accounts. (NB: No entry is required to close the amount of over/under applied overhead in this part of the question) (6 marks) ii) Was manufacturing overhead under/over applied during January and by how much? (2 marks) 7 Ff iii III i) a) b) c)