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H3Ko H3Ko
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7 years ago
Which of the following statements is true of the flow of product and period costs for a manufacturer?
A) When the manufacturing process is completed, the costs are transferred to the Work-in-Process Inventory account.
B) The cost of the finished goods that the manufacturer sells becomes its Cost of Goods Sold on the income statement.
C) All product costs that have been paid are expensed and reported on the income statement at the end of the accounting period.
D) Period costs remain in inventory accounts on the balance sheet until the product is sold.
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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7 years ago
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H3Ko Author
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#2
7 years ago
I just realized you had posted this! Thanks so much
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