Woodcarving Co. incurred the following costs during May: Conversion costs $ 460,000 Prime costs $ 390,000...
Woodcarving Co. incurred the following costs during May:
| Conversion costs | $ | 460,000 | |
| Prime costs | $ | 390,000 | |
| Manufacturing overhead | $ | 315,000 | |
What was the amount of direct materials and direct labor used in May?
| Direct materials | Direct labor | |||||||
| A. | $ | 100,000 | $ | 295,000 | ||||
| B. | $ | 105,000 | $ | 215,000 | ||||
| C. | $ | 245,000 | $ | 145,000 | ||||
| D. | $ | 70,000 | $ | 75,000 | ||||
Homework Answers
Prime cost=Direct material+Direct labor
Conversion cost=Direct labor+Manufacturing overhead
460,000=Direct labor+315,000
Direct labor=(460,000-315,000)=$145,000
390,000=Direct material+145,000
Direct material=(390,000-145,000)=$245,000
Hence the correct option is C.
Add Answer to:
Woodcarving Co. incurred the following costs during May:
Conversion costs
$
460,000
Prime costs
$
390,000...
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