Product costs are: Select one: O a. inventoried until the units are sold. O b. considered current liabilities until paid. O c. treated as an asset and depreciated. O d. expensed on the income statement when incurred. 1. Product costs refer to: Select one: O a. Direct materials only b. Direct materials, direct labor and manufacturing overhead c. Direct labor and direct materials only Od. Direct materials, direct labor, manufacturing overhead and selling and administrative costs Which of the following statements is correct? 1 on Select one: O a. An indirect cost can be traced to a specific cost object, while a direct cost cannot. O b. A direct cost can be traced to a specific cost object, while an indirect cost cannot. O c. An indirect cost can be readily traced to a cost object while a direct cost is traced only to manufacturing costs. O d. A direct cost can be readily traced to a cost object while an indirect cost is traced only to manufacturing costs. Muscat Company's total sales are $130,000. The company's direct material cost is $29,000, which represents 40% of its total prime cost. Its total manufacturing overhead costs is $45,000. Its total selling and administrative expense is $18,000 and its only variable selling and administrative expense is a sales commission of 3% of sales. The company maintains no beginning or ending inventories and its manufacturing overhead costs are entirely fixed costs. What is the total manufacturing cost? of 2 tion Select one: O a. $85,600 O b$101,000 O c. $127,500 O d. $117,500 O e. $92,000 f. None of the answers given