QUESTION 13

A company uses the end of each accounting period to count its inventory to use as the ending balance in inventory. What inventory system does this company employ?

	a.	End-of-Month.
	b.	Periodic.
	c.	LIFO.
	d.	Perpetual.
	e.	FIFO.

QUESTION 16

Customer lifetime value is concerned with what?

	a.	The loyalty of a customer.
	b.	Short-term value of customer.
	c.	None of these answers are correct.
	d.	The wealth of a customer.
	e.	Long-term value of customer.

QUESTION 20

The following costs are incurred by the Oakland Company, a manufacturer of furniture.

(1) wood and fabric used in furniture

(2) depreciation on machinery

(3) property taxes on the factory

(4) labor costs to manufacture the furniture

(5) electricity cost to operate the machinery

(6) factory rent

(7) production supervisor's salary

(8) sandpaper and other supplies

(9) fire insurance on factory

(10) commissions paid to salespersons

Required: Classify each cost as either variable or fixed.