E11.3 Trak Corporation incurred the following costs while manufacturing its bicycles. Bicycle components $100,000 Depreciation on plant 60,000 Property taxes on store 7,500 Labor costs of assembly-line workers 110,000 Factory supplies used 13,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,000 14,000 21,000 35,000 50,000 Instructions a. Identify each of the above costs as direct materials (DM), direct labor (DL), manufacturing overhead (MOH), or period costs (P). b. Explain the basic difference in accounting for product costs and period costs E11.11 Incomplete manufacturing cost data for Horizon Company for 2022 are presented as follows for four different situations. Direct Direct Labor Manufacturing Total Work In Work in Cost of Goods Materials Used Used Overhead Manufacturing Process 1/1 Process 12/31 Manufactured Costs 1. $117,000 $140,000 $ 87,000 $(a) $33,000 $(b) $360,000 2. (c) 200,000 132,000 450,000 40,000 470,000 3. 80,000 100,000 (e) 60,000 265,000 80,000 4. 70,000 75,000 288,000 45,000 (h) 270,000 Instructions a. Indicate the missing amount for each letter b. Prepare a condensed cost of goods manufactured schedule for situation (1) for the year ended December 31, 2022. HORIZON COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2022