QUESTION 3 Transaction costs are often necessary because of widespread ethical behavior. a. help to reduce the overall cost of goods and services. b. c. increase overall costs but do not improve the value of goods and services. help to improve the quality of goods and services, d. QUESTION 4 Which of the following statements about product and period costs is true? a. Product costs are on the balance sheet before the product is sold. Period costs are expensed when the production process is completed. b. Period costs are expensed on the income statement when the product is sold. C d. Product costs are expensed on the income statement when they are paid