Reference no: EM132573725

Question 1: Which of the following statements is TRUE about product costs?

Multiple Choice

Option a. Product costs are reported only on the balance sheet.

Option b. Product costs are reported only on the income statement.

Option c. Product costs are reported on the balance sheet before goods are sold, and on the income statement after goods are sold.

Option d. Product costs are reported on the income statement before goods are sold, and on the balance sheet after goods are sold.