Final answer:
The product cost reported to shareholders can indeed vary from the costs reported for government contracting due to differing accounting practices and regulatory requirements, and this variation is particularly influenced by industry-specific production costs and external governmental factors like price controls and trade interventions.
Step-by-step explanation:
The statement 'The product cost reported as inventoriable costs to shareholders may differ from product costs reported for government contracting' is true. Companies may adopt different accounting practices for internal reporting purposes and for external reports, such as those required for government contracts. Moreover, the costs involved in production can vary significantly depending on the industry, which can lead to differences in how costs are calculated and reported. For instance, the cost of building a factory may be amortized over several years in a company's financial statements, but for a government contract, specific rules may dictate a different method. Additionally, in situations where governments control prices or intervene in trade through measures like tariffs or quotas, the measurement of product costs may be further affected.