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Chapter 15 Practice Problem #1 Inventories November 1 November 30 Raw Material 9,000 8,500 Work in Process 4,500 3,000 Finished Goods 13,500 18,000 Additional Information: Raw Material purchased Direct labor costs Factory Overhead Selling & Admin Expenses Sales Revenue Calculate the following items for the month of November: a) Prime Costs b) Conversion Costs 0) Total manufacturing costs incurred this month (1) Cost of goods manufactured e) Cost of goods sold f) Gross Prot g) Net Income