When more than one different type of asset is acquired in one purchase transaction, the total purchase price is allocated among the assets in proportion to their fair values

The manufacturing process used to make a wide variety of highly customized products in quantities as small as one is a:

A) production line. B) continuous flow process. C) job shop. D) fixed position.

Purchases of goods and services based on long-term contracts is referred to as

A) direct materials acquisition. B) consolidation. C) spot buying. D) strategic sourcing.