Which of the following equations best represents the formula for calculating profit?\ \ Question 1 options:\ \ Sales - Costs\ \ \ Revenue Expenses\ \ \ Assets Liabilities\ \ \ Cash In Cash Out\ \ Question 2 (1 point) \ Saved\ Before categorizing costs as either direct or indirect, a company must identify a cost object.\ \ Question 2 options:\ True\ False\ Question 3 (1 point) \ Saved\ Which of the following represents the sequential series of inventory accounts that product costs pass through for a manufacturer?\ \ Question 3 options:\ \ Research and Development, Design, Production, Marketing, Distribution, Customer Service\ \ \ Raw Material Inventory, Work in Process Inventory, Finished Goods Inventory\ \ \ Sales Revenue, Cost of Good Sold, SG&A\ \ \ Direct Material Inventory, Direct Labor Inventory, Manufacturing Overhead Inventory\ \ Question 4 (1 point) \ Saved\ Which of the following statements concerning product costs is correct?\ \ Question 4 options:\ \ Product costs are initially inventoried on a company's Balance Sheet.\ \ \ Period costs are only expensed when a related unit of product is sold.\ \ \ All links in the value chain can be considered product costs.\ \ \ Product costs are sometimes referred to as SG&A expenses.\ \ Question 5 (1 point) \ Saved\ Both Merchandisers and Manufacturers hold inventory.\ \ Question 5 options:\ True\ False\ Question 6 (1 point) \ Only manufacturers have both product and period costs.\ \ Question 6 options:\ True\ False\ Question 7 (1 point) \ Which of the following would be considered a direct product cost for a computer manufacturer? (assume the company's cost object is a unit of product)\ \ Question 7 options:\ \ Commissions paid to sales staff\ \ \ Rent paid on the manufacturing facility\ \ \ Wages paid to factory supervisors\ \ \ Hard drive used in computers