ences 1. Which of the following statements is true? Product costs can be reported in raw materials, work in process, or finished goods inventories. O Selling costs can only be reported in finished goods inventory. Product costs are excluded from the income statement. Selling costs are excluded from the income statement.

1. Which of the following statements is true? Product costs can be reported in raw materials, work in process, or finished goods inventories. Selling costs can only be reported in finished goods inventory. Product costs are excluded from the income statement. Selling costs are excluded from the income statement