Penny Manufacturing Company bad the following account balances for the quarter ending March 31: Work-in-process inventory (January 1) $ 160,700 Work-in-process inventory (March 31) 179,600 Finished goods inventory (January 1) 530,000 Finished goods inventory (March 31) 300,000 Materials inventory (January 1) 250.000 Materials inventory (March 31) 550,000 Materials purchased 650.000 Indirect materials used 92,000 Direct manufacturing labor 490,000 Indirect manufacturing labor 200,000 Property taxes on manufacturing plant building 26,800 Salespersons' company vehicle costs 12,000 Depreciation of manufacturing equipment 260,000 Depreciation of office equipment 123,600 Miscellaneous plant overhead 138,000 Plant utilities 94,500 General office expenses 305,400 Marketing distribution costs 30,000 Required: a. Prepare a Cost of Goods Manufactured Schedule for the quarter. (6 marks) b. Explain the difference between an inventoriable cost and a period cost (1 mark) c. Prepare a Cost of Goods Sold schedule for the quarter. (4 marks) indicate the effect on expenses, assets and profits of mesclassifying inventoriable costs of a manufacturing company as period costs - when you have no ending balances of finished goods and ending balance of WIP I mark)