Please use the following for questions 1 & 2.Acme Manufacturing had the followin

Please use the following for questions 1 & 2.Acme Manufacturing had the following transactions:A. Purchased $60000 of raw materials.B. Transferred $40000 of raw materials into the production process.C. Incurred $50000 of direct labor costs.D. Applied $20000 of factory overhead.E. Transferred $100000 to finished goods.F. Sold goods costing $80000 for $140000.G. Incurred $10000 of selling costs.H. Incurred $5000 of administrative costs.1. Net income for Acme Manufacturing was:A. $140000B. $60000C. $45000D. $500002. TOTAL inventory costs remaining are:A. $20000B. $10000C. $50000D. $600003.. The cost of a manufactured product generally consists of which of the following costs?A. direct materials cost and factory overhead costsB. direct labor cost and factory overhead costsC. direct labor cost direct materials cost and factory overhead costD. direct materials cost and direct labor cost4. When compared to financial accounting managerial accounting is less rules based and more subjective.A. TrueB. False