For problems 1-3 use the following income statements Traditional income Statement Contribution Income Statement SALES VARIABLE EXPENSES CONTRIBUTION MARGIN GROSS MARGIN SELLING & ADMIN EXPENSES NET INCOME NET INCOME 1.) What should take the place of "X" in the above income statement a. Fixed Expenses b. Costs of Goods Sold c. Variable Expenses d. Costs of Goods Manufactured 2.) What should take the place of "Y" in the above income statement a Costs of Goods Sold b. Variable Expenses c. Gross Margin d. Sales 3.) What should take the place of "Z" in the above income statement a. Selling Expenses b. Administration Expenses c. Costs of Goods Sold d. Fixed Expenses 4.) The following are true except: a. A direct cost is a cost that can be easily traced to the cost object under consideration. b. A cost can be direct or indirect. The classification cannot change if the cost-object changes. c. Opportunity costs at a manufacturing company are not part of manufacturing overhead. d. Selling and administrative expenses are period costs under generally accepted accounting principles. 5.) The following are true except: a. Actual overhead costs are not assigned to jobs in a job costing system. b. The fact that one department may be labor intensive while another department is machine intensive explains in part why multiple predetermined overhead rates are often used in larger companies. o r a company closes any underapplied or overapplied manufacturing overhead to the Cost of Goods Sold account, then Cost of Goods Sold will be debited if manufacturing overhead is overapplied for the period d. When raw materials are purchased, they are recorded as an asset