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In the current period, the company manufactured 100 units of finished products, but sold with deferred payment only 50 units (there were no products in the warehouse manufactured in the previous periods). Selling price of each unit was $10 and total manufacturing costs in this period were $800. In the same period company received $400 in cash for sale in the previous period. 1. Revenue earmed in the current period is: a) $800 b) $500 c) $1000 d) $900 2. Costs of manufacturing presented in the income statement presenting costs by nature are: a) $800 b) 5400 c) $500 d) $1000 3. What should be done in order to keep matching principle valid in the income statement presenting costs by nature? 4. Costs of manufacturing presented in the income statement presenting costs by functions are: a) $800 b) $400 c) $500 d) $1000 5. Does receiving $400 in cash affect income statement prepared for the current period? How? 6. Does receiving $400 in cash affect any financial statement? How? Exercise 3 Service or selling [trading] companies most often prepare income statement presenting costs by .......... while companies prepare income statement presenting costs by