1.Explain the difference between direct and indirect materials. Give examples of each for a manufacturing company of your choice. 2.In your own words, explain the four levels of production activitie

1.Explain the difference between direct and indirect materials. Give examples of each for a manufacturing company of your choice.

2.In your own words, explain the four levels of production activities and why they are important.

3. Can a company use LIFO for tax reporting and FIFO for external reporting? Why?

4.What two conditions must be met for a company to recognize revenue?

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