its absorption costing 3. Lorraine Corp. obtained the following information from accounting records: $24,000 $16,000 Operating Income Total Product Costs incurred during the period Value of Beginning Work-in-Process and Finished Goods Inventories Value of Ending Work-in-Process and Finished Goods Inventories Sales $0 $50,000 The total Period Costs incurred this period equals: A) $15,000 B) $20,000 C) $48,000 D) $10,000 4. Marni Corp. obtained the following information from its accounting records: Sales Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Sold $19,000 $12,000 $8,000 $9,000 The Cost of Goods Manufactured this period equals: A) $11,000 B) $10,000 C) $6,000 D) $5,000