Information related to their inventory accounts

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Reference no: EM131264912

Apple recorded the following information related to their inventory accounts for 2016:

January 1, 2016 December 31, 2016

Direct materials 50,000 36,000

Work in process 22,000 41,000

Finished goods 38,000 35,000

Apple accounting records for 2016 indicated the following costs had been incurred:

Direct materials purchased ................... $124,000

Depreciation, factory equipment .............. 40,000

Direct labor ................................. 97,000

Utilities..................................... 20,000

Sales commissions............................. 56,000

Indirect materials............................ 18,000

Depreciation, office equipment ............... 27,000

Production supervisor's salary ............... 67,000

Advertising................................... 61,000

60% of the utilities relate to the factory while 40% of the utilities relate to the general office building. Calculate Apple's prime costs for 2016.

Reference no: EM131264912

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