Question One: 20% Explain the difference between product costs and period cost Question two: 80 % Howard Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted: Work-in-process inventory (January 1) Work-in-process inventory (March 31) Finished goods inventory (January 1) Finished goods inventory (March 31) Direct materials used Indirect materials used Direct manufacturing labor Indirect manufacturing labor Conversion Cost General office expenses Marketing distribution costs $ 140,000 160,000 540,000 510,000 400,000 20,000 70% of the direct material used 10% of the direct manufacturing labor 400,000 300,000 200,000 Required: a. Prepare a cost of goods manufactured schedule for the quarter. (30%) b. Prepare a cost of goods sold schedule for the quarter. (30%) C Compute the manufacturing overhead (20%)