In-class Activity 3 From the following information for the ABC Company, compute prime costs and conversion costs. Inventories Beginning Ending Raw Material $ 9,900 $ 7,600 Work in Process 44,500 37,800 Finished Goods 36,580 61,300 Raw material purchased during the period cost $40,800; overhead incurred and paid or accrued for the period was $21,750; and 23,600 direct labor hours were incurred at a rate of $13.75 per hour