Quick freight owned a truck which cost $30,000 when it was purchased on january 1, 2012. it had accumulate depreciation of $18,000 at december 31,2013. the company originally estimated the truck would have a residual value after using it for four years of $3,000. it sold the truck for $22,500 cash on january 1, 2014. the amount of gain (loss) on the sale of the truck was gs

Regarding the flow of costs through the inventory accounts, which of the following statements is incorrect? a. the costs flow from raw materials inventory to work-in-process inventory to finished goods inventory. b. the format for computing the amount used, manufactured, or sold is the same for all three inventory accounts. c. the final amount at each stage is added at the beginning of the next stage. d. purchases of raw material and freight in are debited to the work-in-process inventory account.