please answer question 4 a b c thank you

cost of goods sold that would appear on the income statement in July? b. What was the direct materials cost for July? 4. The following information summarizes the standard cost for producing one socket wrench at Prime Industrial Products. In addition, the variances for one month's production are provided. Assume that all inventory accounts have zero balances at the start of the month STANDARDCOST PER UNIT STANDARD MONTHLY COSTS MATERIALS $5.00 $12,480 DIRECT LABOR (3 HRS @ $3.10) 9.30 15,480 FACTORY OVERHEAD: VARIABLE 2.40 4,600 FIXED 8.60 $25.30 12,200 $44,760 VARIANCES MATERIAL PRICE 568.00 UNFAVORABLE MATERIAL QUANTITY 800.00 UNFAVORABLE LABOR RATE 880.00 FAVORABLE LABOR EFFICIENCY 3120.00 UNFAVORABLE a. What was the actual quantity of materials used during the month? b. What was the actual price paid for the direct material during the month, assuming all materials purchased were put into production? c. What were the actual direct labor hours worked during the month? PART B:Answer cach of the following questions. Each answer is worth 4 points. 1 What is the purpose of cost accounting