QUESTION 14 When are period costs counted as inventory Belore produds are sold Afer products are sold. Atar produds are completed, but before they are sold. Never QUESTION 15 Normanufacturing costs are generally classified into what two groups? Conversion costs and prime costs. Dired materials and Gred labor. O Marketing costs and administrative costs. Dired labor and manufacturing overhead. QUESTION 16 Product costs are expensed on the income statement when incurred. O treated as an asset and depreciated. Inventoned until the units are sold O considered current liabilities unti paid QUESTION 17 Which ol the following is true about product and period costs? O Produd costs are usually manufacturing costs, and period costs are usually normanuacturing costs. Produd costs are usually normanuacturing costs, and period costs are usually manufacturing costs. O Both product and period costs are usually manufacturing costs. O Both produd and period costs are usually normanuladuring costs