please answer question 3 a and b both. thankyou

3. Hopkins Inc. has reported the following data for the month of July The balance in the Finished Goods inventory account at the beginning of the month was $154,000 and at the end of the month was $148,000. The cost of goods manufactured for the month was $302,000. The actual manufacturing overhead cost incurred was $97,000 and the manufacturing overhead cost applied to Work-in-process was $85,000. The beginning balance in the raw materials account was $88,000 and the ending balance was $35,000. Raw materials purchased during the month totaled $71,000. $5,000 of the manufacturing overhead cost incurred during the month consisted of raw materials classified as in direct materials. a. What is the adjusted cost of goods sold that would appear on the income statement in July? b. What was the direct materials cost for July? 4. The following information summarizes the standard cost for producing one socket wrench at Prime Industrial Products. In addition, the variances for one month's production are provided. Assume that all inventory accounts have zero balances at the start of the month. STANDARD COST PER UNIT STANDARD MONTHLY COSTS MATERIALS $5.00 $12,480 DIRECT LABOR (3 HRS @ $3.10) 9.30 15,480 FACTORY OVERHEAD: VARIABLE 2.40 4,600 FDX ED 8,60 12,200 $25.30 $44,760 VARIANCES MATERIAL PRICE 568.00 UNFAVORABLE