EXERCISE 1 (20 marks) I. (9 marks) [The following information applies to the questions displayed below.) The following information has been taken from the perpetual inventory system of Extreme Mfg. Co. for the month ended November 30: Purchases of direct materials Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred 172,000 170,000 140,000 160,000 Balances in inventory () November 30 November 1 160,000 Materials 135,000 145,000 Work in Process 188,000 176,000 Finished Goods Please answer the following questions. Make sure you show all your calculations. a) Calculate the total amount of inventory to be included in Extreme 's November 30th balance sheet. (3 marks) b) Calculate the total manufacturing costs charged (debited) to Work in Process during November. (3 marks) c) Calculate the cost of finished goods manufactured in November. (3 marks) d) Calculate the cost of goods sold in November