Final answer:
The question lacks sufficient information to determine the prime costs for Steel Wheels, Inc., as neither direct materials nor direct labor costs are specified in the data provided.
Step-by-step explanation:
The prime costs are the direct costs that are directly attributable to the production of goods. In manufacturing, this typically includes direct materials and direct labor. To calculate the prime costs for Steel Wheels, Inc., we would need to know the actual direct material and direct labor costs, as the information provided (Cost of goods manufactured, Beginning work in process inventory, Ending work in process inventory, and Manufacturing overhead) does not directly give us these figures. Since the necessary details to calculate prime costs are not provided, we cannot determine the prime costs from the options given.
The prime costs for the year can be calculated by adding the cost of direct materials and the cost of direct labor. Direct materials include the cost of raw materials used in manufacturing the goods, while direct labor includes the cost of the workers involved in the manufacturing process.Given the information provided, the cost of direct materials can be calculated by subtracting the beginning work in process inventory from the cost of goods manufactured and adding the ending work in process inventory: $350,000 - $110,000 + $80,000 = $320,000.The cost of direct labor is not provided in the given information, so we cannot determine the prime costs for the year from the options provided.