For external reporting purposes, the costs incurred in the production and distribution phases of the value chain are:
A) period costs
B) product costs
C) period cost and product cost, respectively
D) product cost and period cost, respectively

Question

Quizplus · Accepted Answer

Product costs are incurred during the production phase, while period costs are incurred during the distribution phase.

For External Reporting Purposes, the Costs Incurred in the Production