Question-3 (Marks-15) A) (Marks-8) Best chemical company had the following inventories as on March 1, 2021: Materials $35,000 Work in progress 20,000 Finished goods 70,000 During the month of March material worth $280,000 were purchased. Direct labour cost incurred was $400,000 and factory overhead ware $200,000. The company had the following inventory balances as on March 31: Materials $25,000 40,000 Work in progress Finished goods 80,000 Required: 1. Prepare necessary Journal entries to record the material, labour, overheads. 2. Prepare Ledger accounts: Material, WIP account and Finished goods account