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Computer company fanufactures laptop devices for students. The firm had the following inventories at the beginning...

Computer company fanufactures laptop devices for students. The firm had the following inventories at the beginning and end of the month. Finished good (Feb1)$253,000 (Feb 28) $186,700 Work in process (Feb 1)$195,300 (Feb 28)$521,600 Raw materials (Feb 1) $126,900 (Feb 28)$121,300. The following additional data pertain to February operations Raw materials purchased 178,300 Direct labor 420,200 Actual overhead 375,100 Actual selling and admin expenses 115,400 The company applies overhead at a rate of 75 percent of direct labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year. What are the company's prime cost? What are the total manufacturing cost? Costs of good manufactured? costs of goods sold?

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Answer #1
Opening Raw Material Inventory 126900
Add: Purchases 178300
Less: Closing RM Inventory -121300
Raw Material Consumed 183900
Direct Labor Cost 420200
Applied OH (75% of DL) 315150
Total Manufacturing Cost 919250
Opening WIP Inventory 195300
Less: Closing WIP Inventory -521600
A Total Cost of Goods Manufactured 592950
Opening FG Inventory 253000
Less: Closing WIP Inventory -186700
Cost of Goods Sold 659250
B Applied OH (75% of DL) 315150
Actual OH 375100
UnderApplied OH 59950
C Prime Cost:
Raw Material Consumed 183900
Direct Labor Cost 420200
Total Prime Costs 604100
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