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Lebanon Cable Corporation provided the following information for the last fiscal year: Beginning Inventories: Direct Materials (DM) $40358 Work in progress (WIP) 40000 Finished Good
Lebanon Cable Corporation provided the following information for the last fiscal year:
Beginning Inventories: Direct Materials (DM) $40358 Work in progress (WIP) 40000 Finished Good (FG) 0 Ending Inventories: Direct Materials (DM) 20360 Work in Progress (WIP) 20500 Finished Good (FG) 0
During the year, direct materials purchases amounted to $97174, direct labor cost (DL) was $150000 and factory overhead cost (FO) was $200000.
a) Calculate the total cost of direct materials used in production.
b) Calculate the Prime Cost
c)Calculate the Conversion Cost
d)Calculate the cost of goods sold (CGS)
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