All of the following cost terms are synonyms for "Product" costs for a manufacturing company, except:

Multiple Choice

• manufacturing cost

• inventoriable cost

• Raw Materials

Identify the costs listed below that are examples of manufacturing costs for a company that produces cars (Check all that apply)

Check All That Apply

• steering wheelsteering wheel

• tirestires

• windshieldwindshield

• bucket seatsbucket seats

• welding metals to attach various parts togetherwelding metals to attach various parts together

• factory janitorial wagesfactory janitorial wages

• Accounting office supplies

Which of the following costs would be considered a period rather than a product cost in a manufacturing company?

Multiple Choice

• Property taxes on corporate headquarters.

• Electrical costs to light the production facility.

• Manufacturing equipment depreciation.

• Direct materials costs.

Which of the following statements about product costs is true?

Multiple Choice

• Product costs appear on financial statements only when products are sold

• Product costs are deducted from revenue as expenditures are made.

• Product costs associated with unsold finished goods and work in process appear on the balance sheet as assets.

• Product costs are deducted from revenue when the production process is completed.

Which of the following choices accurately displays a product cost?

Multiple Choice

• Glue used in manufacturing desks at a furniture manufacturer

• Depreciation on office equipment in Administrative office building

• Sales personnel salaries and commissions

• Wages of janitorial staff who clean and maintain Corporate Headquarters building