Problem: The Following information comes from the accounting records for Santa Cruz, Inc. for March:
Direct material inventory, March 1 $6,000.00
Direct material inventory, March 31 5,000.00
Work-in-process inventory, March 1 3,000.00
Work-in-process inventory, March 31 2,000.00
Finished goods inventory, March 1 18,000.00
Finished goods inventory, March 31 24,000.00
Direct material purchased during March 80,000.00
Direct labor costs, March 64,000.00
Manufacturing overhead, March 84,000.00
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