Business, 12.08.2020 07:01 jay13212

Costs that are capitalized because they are expected to have future value are called product costs; costs that are expensed are called period costs. This classification is important because it affects the amount of costs expensed in the income statement and the amount of costs assigned to inventory on the balance sheet. Product costs are commonly made up of direct materials, direct labor, and overhead. Period costs include selling and administrative expenses. A service company has which of the following costs

a. Direct Material
b. Overhead Costs
c. Product Costs
d. Expensed in the period incurred

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Costs that are capitalized because they are expected to have future value are called product costs;...

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