2) For financial accounting purposes, what costs are inventoried into products? This type of inventory costing is called costing 3) For a manufacturer - a) What are the three inventory type accounts that a manufacturer may have? b) When Direct Materials, Direct Labor, and Manufacturing Overhead are entered into production, the account is increased c) When inventory is sold, the increased account is decreased and the expense account is 4) What are period costs and when are they expensed? 5) What are conversion costs? 6) What are prime costs? 7) What is the formula for determining costs of goods sold for retailers? What slight adjustment is made to the terms of this formula for manufacturers and producers (as opposed to sellers)? 8) Define the term "Cost of Goods Manufactured