8 Liu Ltd. provided the following information for the month of June: 1. Direct material purchases were $5,600. 2. Direct costs of production were $8,500. 3. Indirect costs of production were $9,500. 4. Selling and administrative costs were $12,100. 5. Beginning and ending inventories were: June 1 June 31 Raw Materials Inventory $1500 $1900 Work In Process Inventory $ 960 $1120 Finished Goods Inventory $1100 $1,359 **Hints - be clear you understand the difference between direct and indirect costs of production. Be clear on the difference between materials PURCHASED and materials USED. ALSO - start this question by creating your t-accounts. a) What was the total manufacturing cost (product cost) incurred in June? b) What was the cost of direct materials used in production in June? c) What was the direct labour cost in June? d) What was the total manufacturing overhead costs in June? e) What was the cost of goods manufactured in June? f) What was the cost of goods sold in June? g) What were the prime costs in June? I h) What were the conversion costs in June? i) What were the period costs in June? If the sales revenue in June was $950, what was Liu Ltd.'s operating income before taxes