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 minus $ Direct materials inventory, August 1, 2022 90 360 Direct materials purchased Direct materials available for production 450 Direct materials used (375) 75 Direct materials inventory, August 31, 2022 Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses fo Total manufacturing overhead costs $ 480 Variable manufacturing overhead costs $ (250) 230 Fixed manufacturing overhead costs 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. (Work Total manufacturing costs incurred Less: Direct materials used Total manufacturing overhead costs $ 1,600 (375) (480) August 2022 data Work-in-process inventory, August 1, 2022 200 Direct materials inventory, August 1, 2022 90 Direct materials purchased 360 Direct materials used 375 Variable manufacturing overhead 250 Total manufacturing overhead 480 Total manufacturing costs incurred during August 2022 Cost of goods manufactured 1,600 1,650 Cost of goods sold 1,700 Finished goods inventory, August 1, 2022 200 Print Done