To obtain the value of cost of goods sold on a traditional income statement, absorption costing $($full costing$)$ must be used to comply with GAAP. Product cost with absorption costing includes direct materials, direct labor, and manufacturing overhead. $($LO $3\mathrm{.}5)$

To obtain the value of cost of goods sold on a traditional income statement, absorption costing $($full costing$)$ must be used to comply with GAAP. Product cost with absorption costing includes direct materials, direct labor, and manufacturing overhead. $($LO $3\mathrm{.}5)$

False

True