Product costs used for external reporting under ASPE/IFRS include
A)manufacturing costs only.
B)design costs plus manufacturing costs.
C)all costs incurred along the value chain.
D)prime costs but not conversion costs.
E)only conversion costs.

Question

Quizplus · Accepted Answer

Under ASPE/IFRS, product costs for external reporting include only manufacturing costs, which encompass direct materials, direct labor, and manufacturing overhead.

Product Costs Used for External Reporting Under ASPE/IFRS Include