Product costs are expensed and reported in the income statement in the period when the A) product is soled B) product cost is incurred C) product cost is pald D) product is manufiactured 2. The cost transferred from the work in process account to the finished good account is knowna A) cost of goods available for sale B) cost of goods sold C) total manufacturing costs D) cost of goods manufactured 3. Physically identifying the amount of a direct cost that relates exclusively to a particular product is ca A) Cost tracing B) Cost allocation C) Cost adjustment D) Cost application 4. The salary paid each month to security guard in a factory is: A) An indirect manufacturing costs B) A period cost C) A direct labor cost. D) A direct product cost 5. Cost accounting systems involve two major processes. One of them is cost assignment, the oth A) Cost adjustment B) Cost accumulation C) Cost tracing D) Cost allocation 6. The salary paid to the production manager in a factory is: A) a variable cost. B) an inventoriable cost. a direct labor cost. D) both a variable cost and a direct labor cost. D) both a variable cost and a diret abor cost. 7. Which of the following would NOT be treated as a product cost for external financial re A) Depreciation on a factory building. B) Salaries of factory workers. C) Indirect labor in the factory. D) Advertising expenses