Arden Company reported the following costs and expenses for the most recent month: Direct materials $ 79,000 Direct labor $ 41,000 Manufacturing overhead $ 19,000 Selling expenses $ 22,000 Administrative expenses $ 34,000 Required: 1. What is the total amount of product costs

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Arden Company reported the following costs and expenses for the most recent month: Direct materials $ 79,000 Direct labor $ 41,000 Manufacturing overhead $ 19,000 Selling expenses $ 22,000 Administrative expenses $ 34,000 Required:

1) What is the total amount of product costs?

2) What is the total amount of period costs?

3) What is the total amount of conversion costs?

4) What is the total amount of prime costs?

(1) product cost = $139,000

(2) period cost = $56,000

(3) conversion cost = $60,000

(4) prime cost = $120,000

Explanation:

(1) The total product costs can be calculated as follows.

= Direct material + direct labor + manufacturing overhead

= $79,000 + $41,000 + $19,000

= $139,000

(2) The period cost can be calculated as follows

= selling expenses + administrative expenses

= $22,000 + $34,000

= $56,000

(3) The conversion cost can be calculated as follows

= direct labor + manufacturing overhead

= $41,000 + $19,000

= $60,000

(D) The prime cost can be calculated as follows

= Direct material + direct labor

= $79,000 + $41,000

= $120,000

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