When are product costs included on the income statement?
a. when direct materials are being consumed for manufacturing the product.
b. when the product is over 50% completed in the factory.
c. when the product is completed in the factory.
d. when the product is sold and delivered to a customer. none of the above

The uno company was formed on january 2, year 1, to sell a single product. over a 2-year period, uno’s acquisition costs have increased steadily. physical quantities held in inventory were equal to 3 months’ sales at december 31, year 1, and zero at december 31, year 2. assuming the periodic inventory system, the inventory cost method which reports the highest amount for each of the following is inventory december 31, year 1/ cost of sales year 2 a: lifo fifo b: lifo lifo c: fifo fifo d: fifo lifo

Josie just bought her first fish tank a 36 -gallon glass aquarium, which she’s been saving up for almost a year to buy. for josie, the fish tank is most likely what type of purchase

Robert black, regional manager for ford in texas and oklahoma, faced a dilemma. the ford f-150 pickup truck was the best-selling pickup ever, yet ford's headquarters in detroit had decided to introduce a completely redesigned f-150. how could mr. black sell both trucks at the same time? he still had "old" f-150s in stock. in his advertising, mr. black referred to the new f-150s as follows: "not a better f-150. just the only truck good enough to be the next f-150." this statement represents ford's of the new f-150.