Requirement 1. Calculate direct materials inventory on August 31, 2022. Determine the formula and then calculate the direct materials inventory value at August 31, 2022. (Work in millions. Use a mir August 2022 data Direct materials inventory, August 1, 2022 $ 90 Direct materials purchased 360 Direct materials available for production 450 Direct materials used (375) Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1, 2022 Direct materials purchased Direct materials used $ 200 90 360 375 $ 75 Direct materials inventory, August 31, 2022 Variable manufacturing overhead 250 Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses Total manufacturing overhead 480 Total manufacturing overhead costs $ 480 Variable manufacturing overhead costs (250) Total manufacturing costs incurred during August 2022 Cost of goods manufactured Cost of goods sold 1,600 1,650 1,700 $ 230 Fixed manufacturing overhead costs Finished goods inventory, August 1, 2022 200 Requirement 3. Calculate direct manufacturing labour costs for August. Choose the labels used to calculate direct manufacturing labour cost and then calculate the costs for the month of August. (W Total manufacturing costs incurred Less: Direct materials used Total manufacturing overhead costs $ 1,600 (375) (480) Print Done -