D Question 15 1 pts Statement I: Insurance can be classified as either an inventoriable cost or a period cost, depending on what is being insured. Statement II: As to cost behavior, and external reporting, GAAP requires that costs be classified as either variable or fixed. O Only Statement I is True Both Statements are True O Only Statement II is True O Both Statements are False D Question 16 1 pts Which of the following statements is TRUE? O Classifying a cost as either relevant or irrelevant depends upon whether the cost can be easily identified with the cost object. O Classifying a cost as either product or period depends upon whether the cost is expensed in the period in which it is incurred. O Classifying a cost as either direct or indirect depends upon the behavior of the cost in response to volume changes. O Classifying a cost as either fixed or variable depends upon whether an expenditure is avoidable or not in the future. Question 17 1 pts Statement I: The costs of indirect materials cannot easily be traced to the manufactured product and are therefore a component of manufacturing overhead and included in product costs. Statement II: Inventoriable costs are reported as an expense when incurred on the income statement. O Only Statement | is True Both Statements are True O Only Statement II is True O Both Statements are False