all factory labor is classified as direct labor

T F 2. All manufacturing costs are classified into thre Basie eleme rials, direct labor, and factory overhead. T F 3. Direct materials are also called raw materials. T F 4. All factory labor is classified as direct labor. IF 5. Factory overhead is also called manufacturing overhead. T F T F 6. Prime costs are the sum of direct labor and factory overhea 7. The cost of goods manufactured is necessary to compute sold. 8. The only difference between the balance sheet of a manuf that of a merchandising firm is in the inventory accounts. T E T F 9. The two basic types of cost accounting systems are the job tem and the product costing system. 10. Firms that mass produce a large number of identical go sequence of steps should use the job-order costing syste E