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  3. which of the following statements is true? multipl

Which of the following statements is true? Multiple Choice Product costs and variable costs are...

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Accounting

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Which of the following statements is true? Multiple Choice Product costs and variable costs are synonyms. Product costs are excluded from the calculation of gross margin. Product costs are included in inventory as reported on the balance sheet. Product costs include sales commissions and advertising Which of the following statements is false? Multiple Choice Conversion costs include manufacturing overhead. Prime costs include direct labor. Conversion costs include direct labor. Prime costs include manufacturing overhead. In a cost-volume-profit (CVP) graph, the vertical distance between the total expense line and the fixed expense line represents which of the following? Multiple Choice The break-even point The net operating income The total variable expenses The total contribution margin

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