Question 2 Case B Valencia Cor. reported the following information about its manufacturing costs for the year ended December 2019 Items Beginning of Year End of Year Raw Materials 550.000 $40.000 Work in Process $20,000 $33.000 Finished Goods $30,000 $10,000 The following additional information about the cost of the manufacturing process during the year: Direct Material Purchased $145,000 Purchase Returns Purchase Discount Purchase transportation-In cost Direct labor hours 50,000 hours Direct labor rate per hour $2.5 per hour Applied manufacturing overhead cost Actual manufacturing overhead cost $2,500 $1,500 S5,000 55% of the direct labor cost $75,000 Requirements: 1. Compute the prime costs 2. Compute the conversion costs 3. Compute the total manufacturing cost for the year 4. Compute the cost of good s manufactured for the year 5. Compute the cost of goods sold for the year