Selected data concerning the past year's operations of the Yellow Corporation are: Selling and administrative expenses $225,000 Direct materials used $397,500 Direct labor $450,000 Inventories Dec. 1 Dec. 31 Direct materials $36,000 $42,0 Work in process $75,000 $84,0 Finished goods $69,000 $57,0 What was Yellow Corporation's cost of direct materials purchased for the past year? $405,000 $367.500 $403,500 $397,500 Which of the following statements is FALSE? Product costs are costs that are included in the determining the value of the inventory Product costs always appear on the income statement during the period when the related manufacturing activity occurs. Product costs include direct materials, direct labor, and overhead, Product costs are manufacturing costs. As a Certified Management Accountant, Suzanne is bound by the Statement of Ethical Professional Practice (which has four standards) issued by the Institute of Management Accountants. While preparing to recommend a major investment, Suzanne learned that a competitor would probably launch a comparable product before her company's product would be ready. If she fails to disclose this potential competition when seeking approval for the investment, Suzanne would be in violation of the confidentiality standard. credibility standard. Integrity standard competence standard