1) Costs of Goods Sold of a manufacturing represents the costs related to building a product that are expensed when it is sold. To determine Costs of Goods Sold, three formulas where used representing the three different categories of inventory. Which schedule is based on work in process inventory?

A.Direct Materials Used

B.Income Statement

C.Cost of Goods Sold

D.Costs of Goods Manufactured

2) The value chain describes the costs associated with making a product. What box captures the costs to build the product; the inventory related costs ("inventoriable productcosts") that is used for reporting inventory on the balance sheet until it is sold and then is reported as Costs of Goods Sold on the income statement?

A.Marketing

B.All of them

C.Production or Purchases

D.Reserach & Development