Exercise 2-9 Cost Terminology for Manufacturers [LO2-2, LO2-3] Arden Company reported the following costs and expenses for the most recent month: Direct materials Direct labor Manufacturing overhead Selling expenses Administrative expenses $85,000 $47,000 $24,000 $27,000 $40,000 Required: 1. What is the total amount of product costs? Total product costs 2. What is the total amount of period costs? Total period costs 3. What is the total amount of conversion costs? Total conversion costs 4. What is the total amount of prime costs? Total prime costs