Magnito Ltd. incurred the following costs last year:

Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $90,000
Direct labour . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000
Indirect labour . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000
Indirect materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000

Other operating expenses pertaining to factory operations were as follows:
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,500
Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000
Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000
Property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000

The only inventory was $7,000 of finished goods at year-end.

Required:

1. What was the prime cost?

2. What was the conversion cost incurred?

3. What was the cost of goods sold?