The cost of goods sold for the Immaculate Corporation for the month of April 2018 was...

The cost of goods sold for the Immaculate Corporation for the month of April 2018 was $450,000. Work-in-process inventory at the end of April was 95 percent of the work-in-process inventory at the beginning of the month.

Overhead is 80 percent of the direct labor cost. During the month, $110,000 of direct materials were purchased. Revenues for Immaculate were $600,000, and the selling and administrative costs were $70,000.

Other information about Immaculate's inventories and production for April was as follows:

Ending inventories-April 30
Direct materials	$ 19,000
Work in process	?
Finished goods	105,000

Beginning inventories-April 1
Direct materials	$ 22,200
Work in process	40,000
Finished goods	208,500

Required:

a.	Prepare a cost of goods manufactured and cost of goods sold statements.
b.	What are the prime costs, conversion costs, and period costs?

Expert Solution

ekkarill92 answered 1 year ago

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