3. Which of the following statements is true?

a. The component parts available for future requisition into the process of manufacturing finished units of product are called available parts.

b. Raw materials inventory consists of units of product that have been started, but are only partially complete.

c. Manufacturing entities generally have three separate classifications of inventory on thier books- "raw materials". "work-in-process", and "finished goods".

d. Work-in-process inventory consists of units of product that have been completed and are awaiting sale to consumers.

4. A job cost sheet

a. details the costs incurred on all of the jobs completed by a company during a particular period.

b. exhibits the actual manufacturing overhead costs incurred on a particular job, but not the jobs allocated (applied) manufacturing overhead costs.

c. summarizes all of the costs recorded to the work-in-process inventory account as a result of working on a single job.

d. accumulates and exhibits only direct costs such as direct materials and direct labor; no manufacturing overhead is reflected.