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1. The following information comes from the accounting records for Chelsea, Inc., for May:
Direct Materials Inventory, May 1..............................$9000Direct Materials Inventory, May 31............................$7500Work-in-process inventory, May 1.............................$4500Work-in-process inventory, May 31............................$3000Finished Goods inventory, May 1..............................$27000Finished Goods inventory, May 31.............................$36000Direct materials purchased during May......................$120000Direct labor costs, May...............................................$96000Manufacturing overhead, May....................................$126000
Required
Compute for the month of May:
a. Total prime costsb. Total conversion costsc. Total manufacturing costsd. Cost of goods manufacturede. Cost of goods sold
Any tips for how to accurately input this into Excel?
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