ACCT505 Midterm Exam 4 Sets ALL AC505 Week 4 Midterm SET 1 QUESTION 1: Wages paid to a timekeeper in a factory are a:  Prime Cost YES.....Conversion Cost NO  Prime Cost YES.....Conversion Cost YES  Prime Cost NO....Conversion Cost NO  Prime Cost NO.....Conversion Cost YES QUESTION 2: A cost incurred in the past that is not relevant to any current decision is classified as a(n):  period cost.  opportunity cost.  sunk cost.  differential cost. QUESTION 3: I...