(Product and period costs; CGM; CGS) On August 1 2010 Siemens Corporation had t

(Product and period costs; CGM; CGS) On August 1 2010 Siemens Corporation had the following account balances: Raw Material Inventory (both direct and indirect) $ 72000 Work in Process Inventory 108000 Finished Goods Inventory 24000 During August the following transactions took place. 1. Raw material was purchased on account $570000. 2. Direct material ($121200) and indirect material ($15000) were issued to production. 3. Factory payroll consisted of $180000 for direct labor employees and $42000 for indirect labor employees. 4. Office salaries totaled $144600 for the month. 5. Utilities of $40200 were accrued; 70 percent of the utilities cost is for the factory. 6. Depreciation of $60000 was recorded on plant assets; 80 percent of the depreciation is related to factory machinery and equipment. 7. Rent of $66000 was paid on the building. The factory occupies 60 percent of the building. 8. At the end of August the Work in Process Inventory balance was $49800. 9. At the end of August the balance in Finished Goods Inventory was $53400. Siemens Corporation uses an actual cost system and debits actual overhead costs incurred to Work in Process Inventory. a. Determine the total amount of product cost (cost of goods manufactured) and period cost incurred during August 2010. b. Compute the cost of goods sold for August 2010.