Short Answers 1. Tony Andres is studying for his next accounting examination. Explain to Tony what he should know about the differences bewteen the income statements for a manufacturing and for a merchandising company. 2. Jerry Lang is unclear as to the difference between the balance sheet of a merchandising company and a manufacturing company. Explain the difference to Jerry 3. How are product (or manufacturing) costs classified? Tina Burke is confused about the differences between a product cost and period cost. Explain the differences to Tina. 5. Mel Finney claims that the distinction between direct and indirect materials is based entirely on physical association with the product. Is Mel correct? Why or why not