Which of the following items can berecognizedas intangible assets in an entity’s financial statements?

i) Internally generated goodwill

ii) Purchased goodwill

iii) Reputation

Which of the following statements about activity based costing (ABC) is/are correct?

(i) All product costs will be lower under ABC than under absorption costing.

(ii) ABC can provide information to assist in controlling costs.

Which of the following comments about sales price is correct?