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a. Service firms trace only direct-labor cost to jobs. All other costs are applied as a percentage of direct-labor cost. Do you agree? Explain. b.

a. Service firms trace only direct-labor cost to jobs. All other costs are applied as a percentage of direct-labor cost. Do you agree? Explain.

b. After recording an impairment of an indefinite-life operating asset, can a firm recover the impairment loss in subsequent accounting periods? Explain.

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