The following items (in millions) pertain to Calendar Corporation:

requirement 1. calculate total prime costs and total conversion cost.

myomowodaspxhomeworkld-5925434018questionid 6&flushed=true&ddse ACC-311-R4647 Cost Accounting 21EW4 Homework: 1-3 My AccountingLab Homework: Chapters Score: 0 of 5 pts 9 of 9 (8 comple P2-42 (similar to) The following items (in millions) pertain to Calendar Corporation (Click the icon to view the items) (Click the icon to view the partial schedule of cost of goods manufactured) Calendar's manufacturing costing system uses a three part classification of direct materials, direct manufacturing labor, and manufacturing Read the requirements Requirement 1. Calculate total prime costs and total conversion costs. million Total prime costs Total conversion costs million Enter any number in the edit fields and then click Check Answer parts Pemaining Clear All Type here to search BI Data Table -X For Year 2017 S 15 Plant utilities 9 3 27 10 5 26 352 For Specific Date Work-in-process inventory, Jan 1, 2017 Direct liaterials inventory, Dec 31, 2017 Finished goods inventory, Dec 31, 2017 Accounts payable, Dec 31, 2017 Accounts receivable, Jan 1, 2017 Work-in-process inventory, Dec 31, 2017 Finished goods inventory, Jan 1, 2017 Accounts receivable Dec 31, 2017 Accounts payable, Jan 1, 2017 Direct materials inventory, Jan 1, 2017 54 13 8 Indirect manufacturing labor Depreciation-plant and equipment Revenues Miscellaneous manufacturing overhead Marketing, distribution and customer service costs Direct materials purchased Direct manufactunng labor Plant supplies used Property taxes on plant 91 43 87 33 46 41 4 31 1 Print Done Reference - 115 46 59 Partial Schedule of Cost of Goods Manufactured (in millions) Direct materials used $ Direct manufacturing labor costs Total indirect manufacturing overhead costs Manufacturing costs incurred during 2017 Add: Beginning work-in-process inventory, Jan 1, 2017 Total manufacturing costs to account for Less Ending work-in-process inventory, Dec 31, 2017 $ Cost of goods manfactured 220 15 235 8 227 Print Done 9 of 9 (8 complete) partial schedule of cost of goods manufactured) Requirements Calculate total prime costs and total conversion costs Calculate total inventoriable costs and period costs Design costs and R&D costs are not considered product costs for financial statement purposes When might some of these costs be regarded as product costs? Give an example Suppose that both the direct materials used and the depreciation on plant and equipment are related to the manufacture of 1 million units of product Determine the unit cost for the direct materials assigned to those units and the unit cost for depreciation on plant and equipment. Assume that yearly depreciation is computed on a straight-line basis Assume that the implied cost-behavior patterns in requirement 4 persist. That is direct material costs behave as a variable cost and depreciation on plant and equipment behaves as a fixed cost Repeat the computations in requirement 4 assuming that the costs are being predicted for the manufacture of 2 million units of product Determine the effect on total costs Assume that depreciation on the equipment (but not the plant) is computed based on the number of units produced because the equipment deteriorates with units produced the depreciation rate on equipment is $400 per unit Calculate the depreciation on equipment assuming (a) 1 million units of product are produced and (b) 2 million units of product are produced 6 Print Done Clear All