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Information from the Records of the Scully Company for July

question 201

Multiple Choice

Information from the records of the Scully Company for July was as follows:
$\begin{array}{llr} \text { Sales } &\$307,500\\ \text { Selling and administrative expenses } &52,500\\ \text {Direct materials used } &66,000\\ \text { Direct labour } &75,000\\ \text { Variable factory overhead} &50,000\\ \text {Factory overhead } &51,250\\\end{array}$
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\text { Inventories }$
$\begin{array}{lrr}&\text {July 1}&\text {July 31}\\\text { Direct materials } & \$ 8,000 & \$ 10,500 \\\text { Work in process } & 18,750 & 21,000 \\\text { Finished goods } & 17,250 & 14,250\end{array}$
Scully Corporation produced 20,000 units.
-Refer to the figure.What were the prime costs per unit for July?

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Definitions:

Commercial Paper

A short-term, unsecured debt instrument issued by corporations to fund immediate needs.

Simple Interest

Interest assessed only on the starting principal, or on the remaining portion of the principal that is due.

Annual Rate

The interest rate for a period of one year, not accounting for compounding within that year.

Promissory Note

A financial paper embodying a vow by one individual or entity to transfer a stated sum of money to another, either on demand or on a specified forthcoming date.