Valdosta Company is working on its costing information for January.   Using normal costing, they use one overhead control account and charges overhead to production at 75% of direct labor cost.  The company does not formally close the account until the end of the year.   The beginning and ending inventories for the month of August are    August 1 August 31 Direct Materials $62,000 $67,000 Work in Process $171,000 $145,000 Finished Goods $78,000 $85,000 Production data for the month of August follows: Direct labor $250,000 Actual manufacturing overhead $195,500 Direct materials purchased $163,000 Transportation in $2,000     Valdosta Company's prime cost for August is   Group of answer choices $368,000 $370,000 $408,000 $410,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Valdosta Company is working on its costing information for January.   Using normal costing, they use one overhead control account and charges overhead to production at 75% of direct labor cost.  The company does not formally close the account until the end of the year.  

The beginning and ending inventories for the month of August are 

  August 1 August 31
Direct Materials $62,000 $67,000
Work in Process $171,000 $145,000
Finished Goods $78,000 $85,000

Production data for the month of August follows:

Direct labor $250,000
Actual manufacturing overhead $195,500
Direct materials purchased $163,000
Transportation in $2,000
   

Valdosta Company's prime cost for August is

 

Group of answer choices
$368,000
$370,000
$408,000
$410,000
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