1. A portion of a company's income statement is shown below: Sales$350,000 Cost of Goods Sold: Beginning InventoryS15,000 Purchases 250,000 Cost of Goods Available for Sale 265,000 Less: Ending Inventory13,000 Cost of Goods Sold Gross Profit What type of company is illustrated? 252,000 $ 98,000 A. Merchandising Corporation B. Manufacturing Corporation C. Service Corporation D. Not-for-profit Corporation 2. Which of the following is NOT a value chain activity? A. Human Resources B. Customer Service C. Marketing D. Production 3. Work in process inventory is: A. raw materials that will be used in manufacturing B. completed goods not yet sold C. goods that are in the manufacturing process but are not yet complete. D. goods that have been shipped to customers 4. Which of the following is a direct cost in the production of wine for a winery? A. Utilities B. Taxes C. Insurance D. Grapes 5. Which of the following is a NOT a component of manufacturing overhead? A. B. C. D. Depreciation on plant machinery Salaries of plant supervisors Oil and lubricants for machines Direct Labor