1. Direct labor refers to employees who directly convert materials to finished product.

true or false

2. Raw materials inventory should not include indirect materials.

true or false

3.Managerial accounting provides financial and nonfinancial information to an organization's managers.

true or false

4.Prime costs consist of direct labor and factory overhead.

true or false

5.Just-in-time manufacturing (JIT) stresses building up large amounts of inventory in advance of customer orders.

true or false

6.Under a just-in-time manufacturing system, large quantities of inventory are acquired to produce products in advance of customer orders.

true or false

7.Product costs can be classified as one of three types: direct materials, direct labor, or factory overhead.

true or false