The following cost data for the year just ended pertain to Heart Strings, Inc., a greeting card manufacturer: Service department costs* Direct labor: wages Direct labor: fringe benefits. Problem 2-37 Cost Terminology (LO 2, 5, 10) $ 50,000 1(b) Total manufacturing 242,500 overhead: $267,000 47,500 Indirect labor: fringe benefits 15,000 Fringe benefits for production supervisor. 4,500 Total overtime premiums paid 27,500 Cost of idle time: production employees 20,000 Administrative costs 75,000 Rental of office space for sales personnelt 7,500 Sales commissions 2,500 Product promotion costs. 5,000 Direct material 1,050,000 Production supervisor's salary Advertising expense Depreciation on factory building Cost of finished-goods inventory at year-end Indirect labor: wages.. "All services are provided to manufacturing departments. Cost of idle item is an overhead item; it is not included in direct-labor wages given above. The rental of sales space was made necessary when the sales offices were converted to storage space for raw material. Required: 1. Compute each of the following costs for the year just ended: (a) total prime costs, (b) total manufac- turing overhead costs, (c) total conversion costs, (d) total product costs, and (e) total period costs. 2. One of the costs listed above is an opportunity cost. Identify this cost, and explain why it is an opportunity cost. 49,500 57,500 57,500 70,000 22,500