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PROBLEM 4 JACOBS Corporation has prepared ttw following data for the just completed year. materials inventory, beginnirv..m materials inventory, ending...m w materials Used rect anufacturing dministrative ling ork in process inventory, beginning..... ork in process inventory, Inished goods inventory, beginning........ Inished goods inventory, ending.............. Determine the following: $1,190 $ 280 $140 $380 $150 $140 $70 $120 $160 a. The cost of Raw Materials Purchases during the year [4 points] b. The Product Cost [6 points] c. The Cost of Goods Manufactured for the year [6 points) d. The Conversion Cost (4 points) e. Explain briefly (in less than 150 words) why it is important for a manufacturing business to keep inventories of Raw materials (5