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 sign or parentheses for numbers to be subtracted.) Direct materials inventory, August 1, 2022 $ 90 Direct materials purchased 360 Direct materials available for production 450 Direct materials used (375) Direct materials inventory, August 31, 2022 75 Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) 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 in millions. Use a minus sign or parentheses for numbers to be subtracted.) Total manufacturing costs incurred 1,600 Less: Direct materials used (375) Total manufacturing overhead costs (480) Direct manufacturing labour costs for August 745 Requirement 4. Calculate work-in-process inventory on August 31, 2022. Determine the formula and then calculate the work-in-process inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Total manufacturing costs incurred 1.600 Work-in-process inventory, August 1, 2022 200 - August 2022 data Work-in-process available for production 1,800 Cost of goods manufactured (1,650) 150 Work-in-process inventory, August 1, 2022 200 Work-in-process inventory, August 31, 2022 Direct materials inventory, August 1, 2022 90 Requirement 5. Calculate cost of goods available for sale in August. Direct materials purchased 360 Select the labels used to calculate cost of goods available for sale and calculate those costs for August. (Work in millions.) Direct materials used 375 Finished goods inventory, August 1, 2022 $ 200 Variable manufacturing overhead 250 Cost of goods manufactured 1,650 Total manufacturing overhead 480 Finished goods available for sale in August 1,850 Total manufacturing costs incurred during August 2022 1,600 Cost of goods manufactured 1.650 Requirement 6. Calculate finished goods inventory on August 31, 2022. Cost of goods sold 1,700 Choose the labels used to calculate finished goods inventory at the end of the period and then calculate the inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Finished goods inventory, August 1, 2022 200 Finished goods inventory, August 31, 2022 Print Done