Numerical Problems: Note: Answer the following questions: Question No:1 2 & 3. (2 x 5 = 10Marks) SLO:2 The following inventory information is available for Muscat Manufacturing Corporation for the year ended December 31, 2018: Beginning Ending Inventories: Raw materials $34,000 $38,000 Work in process 18,000 28,000 Finished goods 22.000 16,000 Total $74.000 $82.000 In addition, the following transactions occurred in 2018: 1. Raw materials purchased on account, $140,000. 2. Incurred factory labor, $160,000, all is direct labor. (Credit Factory Wages Payable) 3. Incurred the following overhead costs during the year: Utilities $13,600, Depreciation on manufacturing machinery $16,000, Manufacturing machinery repairs $18,400, Factory insurance $18,000 (Credit Accounts Payable and Accumulated Depreciation). 4. Assigned $160,000 of factory labor to jobs. 5. Applied $ 70,000 of overhead to jobs. Instructions (a) Journalize the above transactions. (b) Reproduce the manufacturing cost and inventory accounts. Use T-accounts. (c) From an analysis of the accounts, compute the following: 1. Raw materials used. 2. Completed jobs transferred to finished goods. 3. Cost of goods sold. 4. Under- or over applied overhead