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CoursHeroTranscribedText: Kenos 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, Kenos Pte Ltd has the following balances: Work in process inventory -Job 123 $18,000 -Job 124 58,620 Raw materials inventory $13,360 Finished inventory -Job 122 523,000 In August, the following occurred: [i) Raw materials purchased on credit $4,840 (ii) Raw materials requisitions Job number 123 $1,020 -Job number 124 $600 -Job number 125 $2,480 -Indirect materials (used in production) $600 (iii)Machine hours, direct labour hours and wages for factory employees Job number Machine hours Labour hours Wages 123 2,400 2,320 $24,480 124 880 720 $8,640 125 3,900 2,860 $40,100 Indirect labour 600 $5,880 (iv)Other overhead incurred: Depreciation (machineries) $4,000 Depreciation (delivery vans) $400 Salaries (production) $10,000 Salaries (sales and administration) $7,000 Other factory costs $15,600 Other selling and administration costs 59,600 (V) Spoilage & reworked costs job number 123 Normal spoilage with estimated disposal selling price of 5320 was incurred. -job number 124 Normal spoilage amounting to $70 and abnormal spoilage of $30 were incurred -job number 125 Rework cost of $52 was incurred. (vi) Job number 123 and Job number 124 were completed during the month. [vii) Job number 122 was sold for cash at a mark-up of 30% on cost while Job number 123 was sold on credit at a price that allowed the company to earn a gross profit margin of 20%. Required: ( a ) Calculate the following: Raw materials inventory as of 31 August. (ii) Work in process as of 31 August. (iii) Finished goods inventory as of 31 August. (iv) Selling price for Job number 122 and Job 123

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