Armidale Incorporation produced wooden tables. It reported the following data for 2015:
Materials:
Beginning inventory of wood $ 200000
Purchases of wood $616000
Ending inventory of wood $104000 manufacturing labor cost (those assembling and polishing the output) $160000
Indirect labor and indirect materials cost $120000
Beginning work-in-process inventory $8000
Ending work-in-process inventory $40000
Beginning finished goods inventory $240000
Ending finished goods inventory $160000
Required:
During the year 2015:
- How much (cost) ‘direct materials’ was used?
b. How much was the ‘cost goods manufactured’?
c. What was the ‘cost of goods sold’?
d. How much was the ‘prime cost’?
e. How much was the ‘conversion cost’?
