Question

Product costs are expensed as costs are incurred for direct labor, direct material, and factory overhead b.appear on both the income statement and balance sheet c.appear only on the income statement d.appear only on the balance sheet

Answer 1

a. are expensed as costs are incurred for direct labor, direct material, and factory overhead

Step-by-step explanation:

Product cost are all the costs which is directly attributed to the product. It includes the direct material, direct labor and allocated factory overhead. All of these costs are purely incurred for the manufacturing of product. Income statement presents all costs incurred by business which included product costs and period costs as well. Balance sheet does not carry any costs.