2-54. Cost Concepts (LO 2-1, 6) The following information comes from the accounting records for Chelsea, Inc., for May: Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory, May 31 Direct materials purchased during May Direct labor costs, May Manufacturing overhead, May $9,000 7.500 4,500 3,000 27,000 36,000 120,00o 96,000 126,000 Required Compute for the month of May: a. Total prime costs b. Total conversion costs c. Total manufacturing costs. d. Cost of goods manufactured. e. Cost of goods sold. 2-55. Cost Concepts Page 74