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Given the following costs and expenses, give the formula for and calculate the amount of: Product cost Period cost Conversion cost Prime cost Direct materials

Given the following costs and expenses, give the formula for and calculate the amount of:

Product cost

Period cost

Conversion cost

Prime cost

Direct materials $ 50,000

Direct labor $ 20,000

Manufacturing overhead $ 12,000

Selling expenses $ 15,000

Administrative expenses $ 40,000

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