Information from The Crossword Company for the month ended June 30, 2022 is given below. All amounts are in thousands of U.S. dollars.

Sales		$350
Selling and administrative costs		26
Purchases of raw materials		9
Direct labor		11
Manufacturing overhead		105
Raw materials used (all direct cost)		11
Cost of goods manufactured		68
Raw materials inventory, June 1, 2022		30
WIP inventory, June 1, 2022		103
Finished goods inventory, June 1, 2022		90
Finished goods inventory, June 30, 2022		75

Required:

Determine each of the following amounts in dollars. Show all calculations.

1. Ending Raw Materials Inventory, assuming all raw materials costs are classified as direct costs.
2. Ending Work-in-Process (WIP) Inventory.
3. Cost of Goods Sold.
4. Briefly explain the difference between product costs and period costs, and how manipulation of the classifications may be used in earnings management.