Chapter 1 - Introduction to Cost Accounting P1-9 2. Prepare a schedule to compute the prime cost incurred during 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July. Data analysis; manufacturing statement Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporation's books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was $1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was $970,000. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were $400,000 and the ending balance in Materials inventory was $60,000. No indirect materials were used in production. C. X Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a state- ment of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.) 1-10 Job order cost; journal entries; ending work in process; inventory analysis Sultan, Inc. manufactures goods to special order and uses a job order cost system. During its first month of operations, the follow- ing selected transactions took place: Materials purchased on account. $37,000 b. Materials issued to the factory: Job 101 $ 2,200 Job 102. 5,700 Job 103 7,100 Job 104 1,700 For general use in the factory... 1,350 c. Factory wages and salaries earned: $ 2.700