51. L07. (CGM; CGS) August 2013 inventory and cost data for Petersham Company are as follows: Direct labor $182,400 Direct material purchased 196,300 Direct material used 195,800 Selling and administrative expenses 171,200 Factory overhead 205,700 8/1/13 8/31/13 Direct material $12,300 $ ? Work in process 25,900 33,300 Finished goods 62,700 55,500 a. Compute the inventory value for direct materials at August 31, 2013. b. Compute total product costs for August 2013. c. Prepare a schedule of cost of goods manufactured for August 2013. d. Compute cost of goods sold for August 2013. e. Prepare an income statement for August 2013. Assume that Petersham's income tax rate is 40 percent. Sales for August 2013 were $985,000