The following details were given for ALASKA Manufacturing Limited for the year ending 31 December 20XX. Direct material inventory, 1 Jan 20XX $25,000 Direct material inventory, 31 Dec 20XX $40,000 Direct material purchase $548,000 Work in progress, 1 Jan 20XX $50,000 Work in progress, 31 Dec 20XX $45,000 Finished goods, 1 Jan 20XX $233,000 Finished goods, 31 Dec 20XX $215,000 Production workers' salaries $620,000 Office worker's salaries $150,000 Salesmen's commission $240,000 Production supervisors' salaries $60,000 Factory rent $750,000 Office rent $270,000 Shop rent Factory utilities $450,000 $100,000 Office utilities $60,000 Shop utilities $280,000 Depreciation of production machines $65,000 Depreciation of office equipment $27,000 Depreciation of delivery vans $48,000 $26,000 Interest expense $8,500,000 Sales revenue Required: a) Prepare the Manufacturing Statement for the year. (14 marks) b) Explain the differences between product cost and period cost. (6 marks)