Premium Ltd manufactures leather bags. During the month of July, Premium Ltd manufactured 500 leather bags. The manufacturing costs and other expense data for the month of July are as follows. Direct Material $80,000 Direct Labour $25,000 Manufacturing Overhead Cost $75,000 Selling & Distribution Cost $15,000 Administrative Expenses $12,000 Required a) From the information, determine the total amount of: 1.

Sep 8, 2023

Premium Ltd manufactures leather bags. During the month of July, Premium Ltd manufactured 500 leather bags. The manufacturing costs and other expense data for the month of July are as follows. 
Direct Material $80,000
 Direct Labour $25,000 
Manufacturing Overhead Cost $75,000 
Selling & Distribution Cost $15,000 
Administrative Expenses $12,000
Required 
a) From the information, determine the total amount of: 
1. Prime cost 
2. Conversion cost 
3. Product cost 
4. Period cost 
b) Calculate the cost to produce one leather bag.

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Premium Ltd manufactures leather bags. During the month of July, Premium Ltd manufactured 500 leather bags. The manufacturing costs and other expense data for the month of July are as follows. Direct Material $80,000 Direct Labour $25,000 Manufacturing Overhead Cost $75,000 Selling & Distribution Cost $15,000 Administrative Expenses $12,000 Required a) From the information, determine the total amount of: 1.
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