4. Direct labor is: a. b. Product Cost Manufacturing Overhead Period Cost Yes Yes No No No No Yes Yes Yes Yes No No c. d. 5. A manufacturer may report three inventories ir its statement of financial position: (1) raw materials, (2) work in process, and (3) finished goods. Indicate in what sequence these inventories generally appear on the statement of financial position. a. (1), (2), (3) b. (3), (2), (1) c. (3), (1), (2) d. (2), (3), (1)