147. Define and contrast period costs and product costs. How are they reported in the financial statements of a manufacturing company? 

148. What are the three types of inventories that are carried by manufacturers? Describe each type of inventory. 

149. What is the main difference between the income statement of a manufacturer and that of a merchandiser? 

150. What is the cycle time for a manufacturer? What does it reveal about the manufacturing process? 

151. What are prime costs? What are conversion costs? 

152. What are the components of the manufacturing statement? Describe each component.