Which of the following statements is incorrect with regard to product costs? A. Product costs flow from the balance sheet to the income statement. B. Unlike direct material and direct labor costs, overhead costs must be allocated to products. C. Product costs are expensed in the period incurred. D. Depreciation on manufacturing equipment is an indirect product cost.
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Home » Business » Which of the following statements is incorrect with regard to product costs? A. Product costs flow from the balance sheet to the income statement. B. Unlike direct material and direct labor costs, overhead costs must be allocated to products. C.