1. The following information comes from the accounting records for Chelsea, Inc., for May:
Direct Materials Inventory, May 1..............................$9000
Direct Materials Inventory, May 31............................$7500
Work-in-process inventory, May 1.............................$4500
Work-in-process inventory, May 31............................$3000
Finished Goods inventory, May 1..............................$27000
Finished Goods inventory, May 31.............................$36000
Direct materials purchased during May......................$120000
Direct labor costs, May...............................................$96000
Manufacturing overhead, May....................................$126000
Required
Compute for the month of May:
a. Total prime costs
b. Total conversion costs
c. Total manufacturing costs
d. Cost of goods manufactured
e. Cost of goods sold
Any tips for how to accurately input this into Excel?