Exercise 1 Following information is available for the Chance Corporation for April 2019: Purchases of direct materials Indirect labor Direct labor Depreciation on machinery Sales Selling and administrative expenses Rent on factory building $ 54,000 15,000 31,200 9,000 165,900 18,900 21,000 Direct materials Work in process Finished goods Inventories April 1, 2019 April 31, 2019 $24.000 $26,100 6,300 9,600 15,000 17,100 Required: Determine prime and conversion costs