June 1, 2020 June 30, 2020 Direct materials $22,200 $19,000 Work in process 60,000 ? Finished goods 108,500 105,000 Required: For June 2020 a) compute prime cost b) compute conversion cost c) prepare a schedule of cost of goods sold 4. Consider the following information for ABC Company ✓ Finished goods inventory, beginning……….$4,000 ✓ Work in process inventory, beginning.……..$3,400 ✓ Raw materials inventory, beginning ….…..$31,000 ✓ Sales for the period……………….…...…$95,000 ✓ Direct labor cost………………………….$35,000 The following estimated data were also available: ✓ Factory overhead cost 30% of conversion cost ✓ Materials purchased for the period..….$24,000 ✓ Prime cost 80% of cost of goods manufactured. ✓ Gross profit on sales 25% ✓ Cost of goods manufactured… ………$80,000 ✓ Selling and distribution costs …………$11,230 ✓ General administrative expense ……….$9,500 Required: I. Compute ending inventory of a. direct materials b. work in process c. finished goods II. Prepare a. statement of cost of goods manufactured b. income statement 5. The balances of ABC Manufacturing Company at the beginning and end of the current year Total manufacturing cost A. Cost of finished goods manufactured B. Cost of goods sold C. RM, WIP and FG Inventory reported in Balance sheet​