Prepare a statement of cost of goods sold

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Reference no: EM131195451

Mellon Company, a manufacturing firm, has supplied the following information from its accounting records for the year 2008 (in thousands of dollars):

Purchase of raw material $76,000
Direct Labour Cost 52,500
Supplies used 5,300
Factory Insurance 1,050
Commission Paid  7,500
Factory Supervision 9,675
Advertising 2,400
Material Handling 11,000
Work-in-progress inventory, December 31,2007 47,500
Work-in-progress inventory, December 31,2008 42,000
Materials inventory, December 31,2007 10,400
Materials inventory, December 31,2008 28,500
Finished Goods inventory, December 31, 2007 20,055
Finished Goods inventory, December 31, 2008 10,750

Required

1. Prepare a statement of cost of goods manufactured.

2. Prepare a statement of cost of goods sold.

3. What was total prime cost for 2008? Total conversion cost?

Reference no: EM131195451

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