Sydney 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:
a. 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’?