QUESTION 8 Able Production Ltd. The following data has been taken from the records of the company for the month of August 2019. Inventory Balances Opening Balance Closing Balance Materials Inventory 40,000 20,000 Work-In-Process Inventory 40,000 25,000 Finished Goods Inventory 130,000 140,000 Other Information Sales Revenue Materials purchases Administration expenses Production labour expense Production supervision expense Production facility expenses Production Maintenance expenses Selling Commissions = 5 % of sales Selling Expenses other Aug $ Amounts 900,000 130,000 150,000 130,000 50,000 60,000 75,000 90,000 Required: 1. What was the cost of materials put into production (used) in the month of August 2019? 2. What was the cost of goods finished in August 2019? Create a schedule for Cost of Goods Manufactured with appropriate subtotals. Show Direct Materials as one line/amount per above result. Compute Manufacturing Overheads and show as one line/amount. 3. What was the Cost of Goods Sold in August 2019? Create a Schedule of Cost of Goods Sold. 4. What was Net Income for the month? Create a traditional Income Statement with appropriate subtotals. Use one line/amount for COGS per above result