Reference no: EM133108371
Question - The following data have been taken from the accounting records of Larner Corporation for the year just completed:
Raw materials inventory, beginning $70,000
Sales $3,000,000
Purchases of raw materials $1,500,000
Finished goods inventory, beginning $98,000
Direct labour $679,000
Administrative expenses $790,000
Raw materials inventory, ending $24,000
Work-in-process inventory, beginning $56,000
Manufacturing overhead $340,000
Work-in-process inventory, ending $73,000
Selling expenses $500,000
Finished goods inventory, ending $37,000
Required - What are the conversion and prime costs, respectively?
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