Question 2 (11 marks) Shoostar Ltd is a video tech company that produces videos for companies' marketing campaigns and video. training content. All jobs are tailor-made to the clients' requirements. The company uses a job costing system, and had 2 jobs in process at the start of the year: Job S! ($66 000) and Job S3 ($55 000). The following information is available: (i) The company applies manufacturing overhead on the basis of video production hours. Budgeted overhead and video production activity for the year were anticipated to be $800 000 and 40 000 hours, respectively. (ii) The company worked on four jobs during the first quarter (i.e. from 1 July to 30 September). Direct materials used, direct labour incurred and video production hours were as shown in the following table: Direct Direct Video production hours Jub ambers material labour St 540000 500 52 50500 23.000 1000 53 65 000 1,500 54 30-000 $40000 2000 (iii) Manufacturing overhead incurred during the first quarter was $385 000. (iv) Shoostar Ltd completed Job S1, and Job S3 during the first quarter. Job S1 was sold on credit, producing a profit of $60 000 for the company. Required: a) Calculate the company's predetermined overhead rate. (1.5 marks) ANSWER a): b) Calculate manufacturing overhead applied to production for the first quarter. (1.5 marks) ANSWER b): c) Determine the cost of jobs completed in the first quarter. (4 marks) ANSWER c):