1. A loss appears as a deduction from revenue on which of the following external financial statements? A. Statement of Financial Position B. Statement of Cost of Goods Manufactured C. Statement of Cash Flows D. Statement of Profit/Loss 2. Which of the following is not part of a product's cost? A. Wages paid to a chef in a bakery B. The cost of a Janitor in a factory C. The cost of secretarial supplies used in a doctor's office D. The cost of wood to produce a desk 3. The accounting records of the AMC contained the following information: Materials used $40,000 Sales Salaries $12,000 Depreciation on Admin Equipment $8,000 Wages Paid to Production Workers $60,000 Sales Revenue $192,000 Indirect Manufacturing Costs $68,000 Depreciation on Production Equipment $14,000 Miscellaneous Selling, General & Administrative Expenses $18,000 AMC made 5,000 units of product and sold 4,000 units during the accounting period. There was no beginning inventory. AMC average product cost per unit is: A. $33.60 B. $16.40 C. $20.00 D. $36.40 4. Which of the following is a Selling, General and Administrative Cost? A. Legal Fees B. Sales Commissions C. Rent of an office D. All of the above 5. When Volume increases: A. Fixed cost in total increases and fixed cost per unit decreases B. Fixed cost in total remains constant and fixed cost per unit decreases C. Fixed cost in total and fixed cost per unit remain constant D. None of the above