An inventoriable cost could be the cost of the marketing and distribution of a product.
2) Inventoriable product costs consist of manufacturing overhead, direct labor and direct materials.
3) All of the following are product costs for a manufacturer EXCEPT:
A) direct labor.
B) direct materials.
C) freight out.
D) manufacturing overhead.
4) Period costs are:
A) always considered part of the inventory.
B) always recorded as an expense.
C) expensed only when the inventory is sold.
D) none of the above.
5) Which of the following is NOT a period cost?
A) Direct labor expenses
B) Distribution expenses
C) Marketing expenses
D) Research and development expenses
6) Which of the following describes full product costs for a product?
A) Full product costs are narrower in scope than inventoriable product costs.
B) Full product costs consist of direct materials, direct labor and manufacturing overhead.
C) Full product costs include all costs of the value chain.
D) Both A and B are correct.
7) Inventoriable product costs for a manufactured product include:
A) marketing and research and development costs.
B) the costs of direct materials, direct labor and manufacturing overhead.
C) the costs of direct materials and direct labor only.
D) none of the above.
8) Which of the following statements describes inventoriable product costs?
A) They are expensed on the income statement when incurred.
B) They are used for external reporting purposes.
C) They include marketing and distribution costs.
D) Both A and C are correct.
9) Where would period costs be found on the financial statements?
A) Under current assets on the balance sheet
B) Under current liabilities on the balance sheet
C) As operating expenses on the income statement for a previous period
D) As operating expenses on the income statement in the period incurred
10) Which of the following statements is correct concerning product costs?
A) Product costs are expensed in the period incurred.
B) Product costs are expensed in the period the related product is sold.
C) Product costs are shown with operating expenses on the income statement.
D) Product costs are shown with current liabilities on the balance sheet.
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