Step 1: Use the stars and bars method.
The stars and bars method is used to calculate the number of ways of distributing \( n \) identical items among \( r \) groups. The number of ways is given by \( r^n \). In this case, there are 4 boys and 5 prizes, so the total number of ways is \( 4^5 = 1024 \).
Thus, the correct answer is (1).