Review problem Problem 1 (20 points) Nail LLC provides you with the following data about its manufacturing activity during July 2018: Inventories Direct materials at 7/ 1 6 ,000 Direct materials at 7/31 1.000 Work in process at 7/1 2,000 Work in process at 7/31 9,000 Finished goods inventory at 7/1 18,000 Finished goods inventory at 7/31 28,000 Other information Purchases of direct materials 40,000 Direct labor costs 30,000 Indirect manufacturing overheads 10,000 Required: (a) Prepare Nail's cost of goods manufactured statement for July 2018 using appropriate presentation and layout. Use the grid provided to help format your answer. (b) Using your answer from part (a) prepare Nail's Cost of goods sold statement for July 2018