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Question 2 (16 marks) Part A Lindon Company has the following closing balances for the year ended December 30, 2020. Direct materials Work-in-Process Finished Goods Cost of Goods Sold $15,000 Dr $34,500 Dr $49,500 Dr $74,500 Dr Additional information is as follows: Cost of materials purchased during 2020 Cost of direct materials used in production during 2020 Cost of direct labour used in production during 2020 Cost of goods completed during 2020 Factory overhead allocated to production during 2020 $41,000 $47,000 $40,000 $102,000 $48,000 Required: 1. Compute the opening balance of Work-in-process. (2 marks) 2. Compute the opening balance of Finished Goods. (2 marks) 3. Discuss what you can observe about the flow of costs at Lindon Company. (4 marks) Part B KKK Company has just finished its first year of operations. KKK used a budgeted overhead rate to allocate manufacturing overhead to products. Actual manufacturing overhead incurred was $425,000 and $435,000 of overhead was allocated to Work-in- Process. Budgeted manufacturing overhead was $465,000. Ending balances in the relevant accounts were: Work-in-Process Finished Goods Cost of Goods Sold $40,000 $80,000 $680,000 Required: 1. Compute the amount of underallocated or overallocated overhead. (3 marks) 2. Explain why KKK Company's underallocated or overallocated overhead has occurred and the discuss options available to dispose of it