For each of the following independent cases, compute the missing values:| Case | Prime Cost | Conversion Cost | Direct Materials Used | Direct Labor | Manufacturing Overhead | Total Manufacturing Cost ||------|------------|-----------------|-----------------------|--------------|------------------------|--------------------------|| A | $13,100 | $23,500 | $4,400 | | $14,800 | || B | | | $6,100 | $2,500 | $10,100 | || C | $23,000 | $40,100 | $7,700 | | | $28,300 || D | | | | $9,350 | | || E | | | $5,000 | $6,130 | $9,120 | $17,420 |Note: Some of the values are missing and marked with empty spaces. The task is to compute these values based on the relationships between prime cost, conversion cost, direct materials used, direct labor, manufacturing overhead, and total manufacturing cost. Prime Cost = Direct Materials Used + Direct LaborConversion Cost = Direct Labor + Manufacturing OverheadTotal Manufacturing Cost = Prime Cost + Manufacturing Overhead

Addition of direct material and direct labor cost is the prime cost. Prime cost along with manufacturing overhead is the total manufacturing cost. Case A 1. Prime Cost=Direct Materials Used+Direct Labor$13,100=$4,400+Direct LaborDirect Labor=$8,700 2. Total Manufacturing Cost=Direct Materials Used+Direct Labor+Manufacturing Overhead=$4,400+$8,700+$14,800=$27,900 Case B 1. Prime Cost=Direct Materials Used+Direct Labor=$6,100+$2,500=$8,600 2. Conversion Cost=Direct Labor+Manufacturing Overhead=$2,500+$10,100=$12,600 3. Total Manufacturing Cost=Direct Materials Used+Direct Labor+Manufacturing Overhead=$6,100+$2,500+$10,100=$18,700 Case C 1. Prime Cost=Direct Materials Used+Direct LaborDirect Labor=Prime Cost-Direct Materials Used=$23,000-$7,700=$15,300 2. Conversion Cost=Direct Labor+Manufacturing Overhead Manufacturing Overhead=Conversion Cost-Direct Labor=$40,100-$15,300=$24,800 3. Total Manufacturing Cost=Prime Cost+Manufacturing Overhead=$23,000+$24,800=$47,800 Case D 1. Prime Cost=Direct Materials Used+Direct Labor=$5,000+$9,350=$14,350 2. Total Manufacturing Cost=Prime Cost+Manufacturing OverheadManufacturing Overhead=Total Manufacturing Cost-Prime Cost=$28,300-$14,350=$13,950 Case E 1. Total Manufacturing Cost=Direct Materials Used+Direct Labor+Manufacturing OverheadDirect Materials Used=Total Manufacturing Cost-Direct Labor-Manufacturing Overhead=$17,420-$6,130-$9,120=$2,170 2. Prime Cost=Direct Materials Used+Direct Labor=$2,170+$6,130=$8,300 3. Conversion Cost=Direct Labor+Manufacturing Overhead=$6,130+$9,120=$15,250

Business

Accounting

Enabled: Exam For each of the following Independent cases, compute the missing values: Total Manufacturing Overhead Manufacturing Cost Direct Conversion Cost Direct Labor Case Prime Cost Materials Used 14,800 10,100 24 13,100 $ 23,500 $ 4,400 2$ 2$ 6,100 $ 2,500 $ C 23,000 $ 40,100 $ 7,700 23,300 $ 5,000 $ 9,350 28,300 17,420 $ E $ 6,130 $ 9,120 $ %24 B.

Enabled: Exam For each of the following Independent cases, compute the missing values: Total Manufacturing Overhead Manufacturing Cost Direct Conversion Cost Direct Labor Case Prime Cost Materials Used 14,800 10,100 24 13,100 $ 23,500 $ 4,400 2$ 2$ 6,100 $ 2,500 $ C 23,000 $ 40,100 $ 7,700 23,300 $ 5,000 $ 9,350 28,300 17,420 $ E $ 6,130 $ 9,120 $ %24 B.

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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