Reference no: EM132541759

Question 1. Which of the following is not part of a manufacturing firm's inventory:

Select one:

A. Cost of Goods Sold

B. Finished Goods

C. Materials

D. Work in Process

Question 2. Which of the following types of firms normally carry inventory?

Select one:

A. Manufacturing firms

B. Service firms

C. Merchandising firms

D. All of the above

E. Merchandising and Manufacturing firms

Question 3. A variable cost is one that varies both in total (with respect to the amount of items produced) and per unit. Select one: True False

Question 4. As part of its typical year-end accounting procedures, a manufacturing firm would prepare a worksheet showing all the debit and credit balances of all general ledger accounts. Select one: True False

Question 5. Because the cost of Indirect Materials is included in Manufacturing Overhead, these materials are not included in Materials Inventory. Select one: True False