Product Costs

question 110

Multiple Choice

Product costs

• A) are costs that are included in the determining the value of the inventory.
• B) are manufacturing costs.
• C) include direct materials, direct labor, and overhead.
• D) are all of these.

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Definitions:

Current Liabilities

Short-term financial obligations that are due within one year or within the normal operating cycle of a business.

Accounts Receivable

Money owed to a business for goods or services that have been delivered or used but not yet paid for by customers.

Current Liabilities

Debts or obligations that are due to be paid within one year or within the normal operating cycle of the business, whichever is longer.

Accounts Receivable

Money owed to a business by its customers for goods or services that have been delivered but not yet paid for.