Question
MY Factory had the following activities during the year ended 31 December 2019: Sales revenue 580,000 Work in process inventory, Dec 31 22,000 Work in
- MY Factory had the following activities during the year ended 31 December 2019:
| Sales revenue | 580,000 |
| Work in process inventory, Dec 31 | 22,000 |
| Work in process inventory, Jan 1 | 30,000 |
| Selling & administrative expense | 80,000 |
| Purchase of raw material | 111,000 |
| Raw material inventory, Dec 31 | 15,000 |
| Raw material inventory, Jan 1 | 29,000 |
| Labor (70% direct) | 120,000 |
| Factory utilities | 22,000 |
| Depreciation of factory equipment | 35,000 |
| Finished goods inventory, Dec 31 | 22,000 |
| Finished goods inventory, Jan 1 | 15,000 |
| Indirect material used | 8,000 |
What is the prime cost for the year ended 31 December 2019? What is the conversion cost for the year ended 31 December 2019?
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A Sneak Peek Into The Auditing World A Day Of An Auditor
Authors: Anupma Aggarwal, Adv (Dr.) Raj Kumar S Adukia
1st Edition
1648997074, 978-1648997075
