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    Fundamentals of Cost Accounting: Costs and Goods

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    The Following information comes from the accounting records for Santa Cruz, Inc. for March:

    Direct material inventory, March 1 $6,000.00
    Direct material inventory, March 31 5,000.00
    Work-in-process inventory, March 1 3,000.00
    Work-in-process inventory, March 31 2,000.00
    Finished goods inventory, March 1 18,000.00
    Finished goods inventory, March 31 24,000.00
    Direct material purchased during March 80,000.00
    Direct labor costs, March 64,000.00
    Manufacturing overhead, March 84,000.00


    Compute, for the month of March:

    A. Total prime costs

    B. Total conversion costs

    C. Total manufacturing costs

    D. Cost of goods manufactured

    E. Cost of goods sold

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    Solution Preview

    Check the attached sheet.

    Cost of Goods Manufactured Schedule
    Direct Material used
    Direct material inventory, March 1 6,000.00
    Direct material purchased during March 80,000.00
    Total raw material ...

    Solution Summary

    The solution computes - Total prime costs, Total conversion costs, Total manufacturing costs, Cost of goods manufactured
    and Cost of goods sold