Product costs are inventoried and treated as assets until:
A)the next accounting period.
B)related liabilities no longer exist.
C)the period in which the products they relate to are sold.
D)None of the answers are correct.

Question

Quizplus · Accepted Answer

Product costs are capitalized as inventory on the balance sheet and are expensed as cost of goods sold in the income statement in the period when the related products are sold.

Product Costs Are Inventoried and Treated as Assets Until