Problem: The ABC Corporation shows the following data in its accounting records for the most recently completed year:

Sales $900

Purchases of raw materials $200

Direct labor $150

Manufacturing overhead $250

Administrative expenses $150

Selling expenses $130

Raw materials inventory, beginning $80

Raw materials inventory, ending $30

Work in process inventory, beginning $70

Work in process inventory, ending $28

Finished goods inventory, beginning $100

Finished goods inventory, ending $120

Required to do:
Q1. What was the amount of Raw Materials used for the year?

Q2. What were the total Manufacturing costs for the year?

Q3. What were the total prime costs for the year?

Q4. What were the total conversion costs for the year?

Q5. What were the total Cost of Goods Manufactured for the year?