Conversion costs do not include which of these: 1- Depreciation .2- Direct material .3- Indirect labor .4- Indirect material?

Conversion cost equals direct labour plus manufacturing overhead , also the costs of converting raw materials in to finished goods .
The answer is Direct material .

Option2 - Direct Material is the right answer because conversion cost actually is cost to convert the direct material to the new product or refined one.

Conversion costs represent the costs of all such activities or resources that have been applied in converting raw materials to finished items.
  Thus Conversion Cost does not include Direct Material

DIrect material is not part of the conversion cost.

Direcct Material

2

Direcct Material

Conversion Cost does not include Direct Material

Conversion Cost = Direct Labor Cost + Manufacturing Overhead Cost

2- Direct material

the answer is2..
as we have to convert the material so conversion cost do not include the cost of material