The following information comes from the accounting records for Chelsea, Inc., for May:
| |
|
|
| Direct materials inventory, May 1 |
$ |
17,800 |
| Direct materials inventory, May 31 |
|
15,100 |
| Work-in-process inventory, May 1 |
|
9,400 |
| Work-in-process inventory, May 31 |
|
5,200 |
| Finished goods inventory, May 1 |
|
54,400 |
| Finished goods inventory, May 31 |
|
72,000 |
| Direct materials purchased during May |
|
83,900 |
| Direct labor costs, May |
|
60,300 |
| Manufacturing overhead, May |
|
81,000 |
Required:
a. Compute the total prime costs for the month of May.
b. Compute the total conversion costs for the month of May.
c. Compute the total manufacturing costs for the month of May.
d. Compute the cost of goods manufactured for the month of May.
e. Compute the cost of goods sold for the month of May.