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QUESTION
ABC Company recorded the following information related to their inventory accounts for 2007:
ABC Company recorded the following information related to their inventory accounts for 2007:December 31, 200737,00041,00035,000ABC Company's accounting records for 2007 indicated the following costs had been incurred:Direct materials purchased ................... $124,00030,00097,00018,00065,00025,00017,00076,00061,00060% of the utilities relate to the factory while 40% of the utilities relate to the generaloffice building.Calculate ABC Company's prime costs for 2007.
Period costs are those costs that are unrelated to the manufacture of a good(i.e., non-manufacturing costs).The period costs listed above are:60% of utilities .................. $ 10,800Sales...