Use the following to answer questions: Hagop Industries The following inventory information comes from the accounts of Hagop Industries for the month ended August 31, 2020: The following debit and credit entries were made to general ledger accounts during the month: Sales Revenue Direct materials Dr 300,000 Cr. 1,200,000 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: Direct materials Work in process Aug. 1 Aug. 31 300,000 250,000 100,000 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. Compute the following: 10. Direct materials used in production 11. Applied overhead for August: 12. Normal cost of goods sod Page 5 13. Misapplied overhead indicate amount and whether over or under applied 14. Cost of goods sold as per GAAP is: 15. Gross profit, as shown on the income statement prepared in accordance with GAAP 16. Income from operations OPTIONAL COMPUTATION AREA FOR QUESTIONS 16-23 Page 6