Classifying and Calculating Cost Noteworthy, Inc., produces and sells small electronic keyboards. Assume that you have the following information about Noteworthy’s costs for the most recent month....

Noteworthy, Inc., produces and sells small electronic keyboards. Assume that you have the following information about Noteworthy’s costs for the most recent month.

Required:

Determine each of the following for Noteworthy.

1. Total product cost

2. Prime cost

3. Conversion cost

4. Manufacturing overhead

5. Direct labor

6. Total variable cost (with # units produced as the activity)

7. Total fixed cost (with # units produced as the activity)