The following inventory information comes from the accounts of Chave Industries for the month ended lo answer questions: Chavez Industries August 31, 2020 The following debit and credit entries were made to general ledger accounts during the month Dr Cr Sales Revenue 1,200,000 Direct materials 300,000 Direct labor 80,000 Selling & Admin. Expenses 120,000 Cash receips 1,000,000 Overhead control 175,000 General ledger balances as of Aug. 1 and Aug 31 were as follows: Aug 31 Direct materials 300,000 250.000 Work in process 85.000 400.000 260,000 Finished goods The company uses normal costing and applied overhead at the rate of 150% of direct labor cost Pan dos Wte Compute the following: 10. Direct materials used in production grao Aur 1 100,000 F6 400 ou jarana Meyca 50,00 11. Applied overhead for August: 8o co x 115= Joiew 10.000 $ 12. Normal cost of goods sod 190,00 $ 175, aw 13. Misapplied overhead 12100 SS1ow lindes applied indicate amount and whether over or under applied 15,876 - proretisch of of 14. Cost of goods sold as per GAAP is: + 140,00 1551876 15. Gross profit, as shown on the income statement prepared in accordance with GAAP 11044, 124 16. Income from operations Sarej Row-COGS 1, 00, do - 155, 876 selling and Adair Tox 1,044, 124-10w 924 14 OPTIONAL COMPUTATION AREA FOR QUESTIONS 16-23