Cost Concepts
The following information comes from the accounting records for Santa Cruz, Inc., for March:
|
Direct material inventory, March 1 |
$6,000 |
|
Direct material inventory, March 31 |
5,000 |
|
Work in process inventory, March 1 |
3,000 |
|
Work in process inventory, March 31 |
2,000 |
|
Finished goods inventory, March 1 |
18,000 |
|
Finished goods inventory, March 31 |
24,000 |
|
Direct materials purchased during March |
80,000 |
|
Direct labor costs, March |
64,000 |
|
Manufacturing overhead, March |
84,000 |
Required
Compute, for the month of March:
a. Total prime costs.
b. Total conversion costs.
c. Total manufacturing costs.
d. Cost of goods manufactured.
e. Cost of goods sold.