Question 2 marks) Following are the account balances for the DC Company in 2018 (Total: 38 Beginning of 2018 Direct materials inventory 26,500 Work-in-process inventory 30,500 Finished-goods inventory 16,500 Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs Ending of 2018 27,000 28,400 22,100 79,000 24,500 18,600 7,900 11,800 3,500 87,900 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018. Question 3 marks) (Total: 30 Identify if the following costs are "product" or "period" costs: COST Period Cost or Product 1. Television advertisements for Bailey's products Cost? 2. Lubricants used in running bottling machines 3. Research and Development related to elimination of antibiotic residues in milk 4. Gasoline used to operate refrigerated trucks delivering finished dairy products to grocery stores 5. Company president's annual bonus 6. Depreciation on refrigerated trucks used to collect raw milk 7. Plastic gallon containers in which milk is packaged 8. Property insurance on dairy processing plant 9. Cost of milk purchased from local dairy farmers 10. Depreciation on tablets used by sales staff 11. Depreciation on chairs and tables in the factory lunchroom. 12. The cost of packaging the company's product. 13. The wages of the receptionist in the administrative offices, 14. Cost of leasing the corporate jet used by the company's executives. 15. The cost of renting rooms at a BC resort for the annual conference