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) $ 140,000 Work-in-process inventory (March 31) 160,000 Finished goods inventory (January 1) 540,000 Finished goods inventory (March 31) 510,000 Direct materials used 400,000 Indirect materials used 20,000 Direct manufacturing labor 70% of the direct material used Indirect manufacturing labor 10% of the direct manufacturing labor Conversion Cost 400,000 General office expenses 300,000 Marketing distribution costs 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%)