PARTI: MATCHING Match the iterns in the two colurrins below by entering the appropriate code leter in the space provided A Managerial accounting B. Financial accounting C. Planning D. Directing E. Controlling F. Workin process inventory G. Direct materials H. Manufacturing orerhead I. Period costs J. Value chain 1. The cost of products that are partially complete 2. The tunction of keeping activities in accordance with plans Prirnarily concermed with internal users and reports pertain to subunits of the entty 8. 4Materials that can be physically and directly associated with manufacturing a product 5. Thefunction of setting goals and objectives 6. Indirect costs of manufacturing a product. Primarily concermed with external users and reports pertain to the entity as a whole 8 Costs that are noninventoriable 9. All business processes associated with providing a product or service The function of coordinating diverse activities to produce a smooth-running operation. PARTII True or False Statements Product costs are also called inventoriable costs Direct materials become a cost of the finished goods manufactured when they are acquired, not when they are used 12 The sumof the direct materials costs, direct labor costs, and beginning workin process is the total manufacturing costs for the year Finished goods inventory for a manufacturing cornpanyis equivalent to inventory for a merchandising compary 14. Finished goods inventory does not appear on a cost of goods manufactured schedule 15 16 The formula for the predetermined ovrerhead rate is estimated annual overhead costs divided by an expected annual operating activity Fringe benefits and payrolltaxes associated with factory workers should be accumulated as a part of Factory Labor 17 Manufacturing costs are generally incurred in one period andrecorded in a subsequentperiod. 18