Q2: Which of the following statements is true? a) Inventoriable costs are never expensed on the income statement. b) All period costs are recorded on the Schedule of Cost of Goods Manufactured. c) Total period costs include the Cost of Goods Manufactured during the year. d) Inventoriable costs are expensed on the income statement under Costs of Goods Sold when the products are sold. Q3: is the cost of all finished goods transferred into finished goods inventory. a) Period cost b) Prime cost c) Cost of goods manufactured d) Cost of goods sold