QUESTION THREE (20 Marks) Latourneau Company had the following account balances as of August 1, 2017: Raw Material (direct and indirect) inventory $20,300 Work in Process Inventory 7,000 Finished Goods Inventory 18,000 During August, the company incurred the following factory costs: 1. Purchased $164,000 of raw material on account. 2. Issued $180,000 of raw material to production, of which $134,000 was for direct materials. 3. Accrued $88,000 in factory payroll costs; $62,000 was for direct labor and the rest was for supervisors salaries. 4. Accrued $7,000 of utility costs; of this amount, $1,600 was fixed. 5. Accrued $2,000 of property taxes on the factor. 6. Recorded the expiration of $1,600 of prepaid insurance on factory equipment. 7. Recorded $40,000 of straight-line depreciation on factory equipment. 8. Applied actual overhead to Work in Process Inventory. 9. Transferred goods costing $320,000to Finished Goods Inventory. 10. Recorded total sales of $700,000; of these,$550,000 were on account. 11. Recorded cost of goods sold of $330,000 12. Recorded selling and administrative costs of $280,000 (credit Various accounts). Required: a. Journalize the transactions for August.(4 Marks) b. Post transactions to T-accounts for Raw Material Inventory, Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. (4 Marks) c. Prepare a schedule of cost of goods manufactured for August using actual costing. (4 Marks) d. Prepare an income statement, including a detailed schedule of cost of goods sold. (8 Marks)