2-3 A product cost is any cost involved in
inventory accounts: Raw Materials, Work in
purchasing or manufacturing goods. In the case
Process, and Finished Goods. A merchandising
of manufactured goods, these costs consist of
company generally identifies its inventory ac-
direct materials, direct labor, and manufacturing
count simply as Merchandise Inventory.
overhead. A period cost is a cost that is taken
directly to the income statement as an expense
in the period in which it is incurred.
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