1. The difference between wholesalers and retailers is:
a. Wholesalers are merchandisers that sell directly to customers whereas retailers are menchandisers that sell to other merchandisers.
b. Wholesalers are merchandisers that sell to other merchandisers whereas retailers are merchandisers that sell directly to consumers.
c. Wholesalers are merchandisers that sell directly to the government whereas retailers are merchandisers that sell to other merchandisers.
d. Wholesalers are merchandisers that sell directly to customers whereas retailers are merchandisers that sell directly to the government.
e. There is no difference between wholesalers and retailers.
2. The total cost of direct materials, direct labor, and factory overhead transferred from the Work-In-Process Inventory account to the Finished Goods Inventory account during an accounting period is:
a. Normal cost of goods sold.
b. Adjusted cost of goods sold.
c. Total manufacturing cost.
d. Cost of goods manufactured.
e. Actual cost of goods sold.