Prime Cost and Conversion Cost Grin Company manufactures digital cameras. In January, Grin produced 2,250 cameras with the following costs: Direct materials $440,000 Direct labor 136,000 Manufacturing overhead 736,000 There were no beginning or ending inventories of WIP. Required: If required, round your answers to the nearest cent. 1. What was the total prime cost in January?$ 2. What was the prime cost per unit in January?$per unit 3. What was the total conversion cost in January?$ 4. What was the conversion cost per unit in January?$per unit
Prime Cost and Conversion Cost Grin Company manufactures digital cameras. In January, Grin produced 2,250 cameras with the following costs: Direct materials $440,000 Direct labor 136,000 Manufacturing overhead 736,000 There were no beginning or ending inventories of WIP. Required: If required, round your answers to the nearest cent. 1. What was the total prime cost in January?$ 2. What was the prime cost per unit in January?$per unit 3. What was the total conversion cost in January?$ 4. What was the conversion cost per unit in January?$per unit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prime Cost and Conversion Cost
Grin Company manufactures digital cameras. In January, Grin produced 2,250 cameras with the following costs:
| Direct materials | $440,000 |
| Direct labor | 136,000 |
| Manufacturing |
736,000 |
There were no beginning or ending inventories of WIP.
Required:
If required, round your answers to the nearest cent.
1. What was the total prime cost in January?
$
2. What was the prime cost per unit in January?
$per unit
3. What was the total conversion cost in January?
$
4. What was the conversion cost per unit in January?
$per unit
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 6 steps with 5 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education