Which of the following types of product costs appear in the financial statements?
A)Predetermined overhead costs
B)Estimated costs
C)Standard costs
D)Actual costs

Question

Quizplus · Accepted Answer

Actual costs are the only type of product costs that appear in the financial statements. Predetermined overhead costs, estimated costs, and standard costs are used in costing systems to calculate the cost of products, but they are not reported in the financial statements. Only the actual costs incurred in producing and selling the products are recorded in the financial statements.

Which of the Following Types of Product Costs Appear in the Financial