"Answer Answer Question No. 1 (4 Marks): Choose the one attemative that best completes the statement or answers the question. Question 1) A performance report is: a) a detailed report comparing budgeted data to actual data for a specific time period. b) required to be filed monthly by the Stock Exchange Authority. c) not used in decentralized organizations. d) a formal statement of plans for the upcoming period. Question 2) Which of the following statements is true with respect to the cost of goods sold equation? a) Cost of goods sold = ending merchandise inventory + purchases - beginning merchandise inventory b) Cost of goods sold = ending merchandise inventory + purchases + beginning merchandise inventory c) Cost of goods sold = beginning merchandise inventory + purchases - ending merchandise inventory d) Cost of goods sold = beginning merchandise inventory - purchases + ending merchandise inventory Question 3) Which of the following statements is false? a) Conversion costs include manufacturing overhead. b) Conversion costs include direct labor. c. Prime costs include direct labor. d) Prime costs include manufacturing overhead