1.The financial statements are crucial for all companies' stakeholders.

True or False

2.An example of process costing is producing

specific sport cars

similar small pens

heterogeneous huge units

none of the above

3. Merchandise ending inventories are part of cost of goods sold schedule and balance sheet statement.

True of False

4. Assume that ending balance of inventory is $100 for the first year of operation and the beginning balance inventory is $40, the average inventory for the first year of operation is ($100+$40) / 2.

true or false

5. Job order costing is adequate when the units produced are

a. Homogenous

b. Different

c. Similar and very small

d. Similar and very large