Product costs include all the following except: Direct material costs Direct labor costs Research and development costs Factory overhead costs All the above are product costs Question 24 A product's value becomes an expense when the product is: Purchased Manufactured Inventoried Sold Question 25 Which of the following is NOT true? Expenses are incurred when assets are used to generate revenue All product and period costs are initially recorded as expenses. Period costs should be opened in the period in which they are incurred All the answers above are true