Below are the December 31 account balances for United Company 2 . Administrative salaries Depreciation, factory Prime cost = DL +OM Depreciation, office Depreciation, factory equipment 204.000 + 310-000 Direct labor 3514 000 Direct material ectricity (70% factory, 30% office) Conver OL + MO Finished goods = 204.000 + Work in process Fire insurance (60% factory, 40% office) Indirect labor - 0 Indirect materials Marketing expenses Miscellaneous office expenses Property taxes (40% factory, 60% office) Raw materials inventory Sales Sales returns and allowances Telephone (90% office, 10% factory) $ 124,200 38.000 22.000 56,000 204,000 310.000 30,000 68.000 - 14.000 54.900- \\00 11,000 12,400 18.900 89,200 14,200 20,000 92,300 876,500 32,000 22,000 During the year, the company produced 500 12-horsepower garden tractors. The beginning balance in work in process control was $56,000 and the beginning finished goods inventory balance was $82,000. Required: 1. Calculate the prime cost for the year. 2. Calculate the conversion cost for the year