The cost of goods that were finished and transferred out of work-in-process during the current period is:

a.Cost of goods available for sale.

b.Cost of goods available for use.

c.Cost of goods sold.

d.Cost of goods purchased.

e.Cost of goods manufactured.

Internal accounting controls: (Check all that apply.)

		consist of policies and procedures
		are designed to prevent or detect errors and fraud
		restrict and guide financial processing activities
		guarantee accurate financial and managerial accounting data

Advanced Technical Services Ltd., has many products and services in the medical field. The Clinical Division of the company does research and testing of consumer products on human participants in controlled clinical studies. Which of the following costs are fixed costs (as opposed to variable costs)? You may select more than one cost!

		Allocation of company-wide advertising
		Payment on purchase of medical equipment
		Patches used on participants' arms during the study
		Director's salary
		Part-time help
		Stipends paid to participants

The following costs are incurred by the Oakland Company, a manufacturer of furniture. Which of the following costs are variable (as opposed to fixed) costs? You may (should) select more than one cost!

		factory rent
		production supervisor's salary
		commissions paid to salespersons
		depreciation on machinery
		labor costs to manufacture the furniture
		electricity cost to operate the machinery
		fire insurance on factory
		property taxes on the factory
		sandpaper and other supplies
		wood and fabric used in furniture