32 2.5 points Managerial accounting reports are: O prepared according to management needs prepared periodically only prepared according to GAAP related to the entire business entity only 34 2.5 points Goods that are partially completed by a manufacturer are work in process inventory finished goods inventory materials inventory merchandise inventory 37 2.5 points The cost of a manufactured product generally consists of which of the following costs? O direct (raw) materials cost and direct labor cost only direct labor cost and manufacturing overhead cost only direct labor cost, direct (raw) materials cost, and factory overhead cost O direct (raw) materials cost and manufacturing overhead cost only 38 2.5 points A cost that has characteristics of both a variable cost and a fixed cost is called a variable/fixed cost discretionary cost semivariable or mixed cost sunk cost 39 2.5 points Costs that have been incurred in the past, cannot be recouped, and are not relevant to future decisions are: replacement cost period cost sunk cost differential cost