Question 6 Which type of company would report work-in-process inventory as a line item on their balance sheet? service company merchandising company manufacturing company . nonprofit entity Question 7 Our company is a manufacturer and has the following data available for the current year: sales, $550,000; cost of goods manufactured, $250,000; finished goods beginning inventory, $30,000; and finished goods ending inventory, $20,000. What is the amount reported on the income statement for gross profit? $260,000 $240.000 $290,000 $310,000 Question 8 Our company is a manufacturer of sunglasses. Each pair of sunglasses requires 6 drops of glue. Glue costs $10 per gallon. Glue for the frames would most likely be classified as: direct materials indirect materials direct labor indirect labor other factory overhead