On 1 January 2014 Lloyd Ltd commenced a business of manufacturing leather bags. Lloyd Ltd's accounting records show: bullet $300 000 direct labour for the month to 31 January 2014 bullet $500 000 direct materials purchased for the month to 31 January 2014 bullet $250 000 total overhead incurred for the month to 31 January 2014 bullet $100 000 direct materials on hand at 31 January 2014 bullet $80 000 work in progress inventory at 31 January 2014 The cost of goods manufactured for the month of January 2014 is: Select one: $1 230 000 $1 050 000 $870 000 $800 000 V Ltd's records at year end showed that there were 60 units on hand at cost of $50 each. A stock count at year end found there were only 52 units of inventory on hand. V Ltd had sold 100 units of inventory in the last month of the year realizing a net price of $45 after selling costs. Which of the following statements is true? Select one: Sales in the last month of the year $4 500 Loss of inventory $660