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The break-even point: can be abbreviated "BE" all of these statements are correct is important for management planning purposes O is calculated for internal purposes only Lumber used to construct a Little Free Library would be classified as a: direct material cost indirect labor cost direct labor cost O fun cost Identify the true statement: Product costs must be reported on the balance sheet as a part of inventory until sold. Product costs must be reported on the income statement as a part of inventory. Product costs must be reported as Cost of Goods Sold in the period the good is manufactured, regardless if the good is sold in the period. Period costs must be reported on the balance sheet as a part of inventory