Inventories:Raw materialApril 1$20,000April 30$17,0008,000Work in processFinished goods12,00030,00039,000Additional information for April:Raw material purchasedDirect labor payrollDirect labor rate per hourOverhead rate per direct labor hour$45,000$36,000$ 8.00$ 10.001. The prime cost incurred was?2. The conversion incurred was?3. The cost of goods sold was?

Prime costs is the basic costs incurred to manufacture the product. Prime costs would therefore…

Answered: 1. The prime cost incurred was? 2. The…

Business

Accounting

1. The prime cost incurred was? 2. The conversion incurred was? 3. The cost of goods sold was?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Inventories:
Raw material
April 1
$20,000
April 30
$17,000
8,000
Work in process
Finished goods
12,000
30,000
39,000
Additional information for April:
Raw material purchased
Direct labor payroll
Direct labor rate per hour
Overhead rate per direct labor hour
$45,000
$36,000
$ 8.00
$ 10.00
1. The prime cost incurred was?
2. The conversion incurred was?
3. The cost of goods sold was?

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