2. Product costs include: a. all direct and indirect manufacturing costs b. only direct manufacturing costs c. all operating expenses of the accounting period d. only conversion costs 3. The distinction between product costs and period exper a. whether the costs are direct or indirect b. whether the costs are variable or fixed c. whether the costs are part of inventory or cost of go d. whether the costs are manufacturing or nonmanufa 4. During a recent month, the Silver Cannery bought $56. supplies. If the company's beginning and ending direct $70,000, respectively, how much direct materials were a. $551,000 b. $557.500