Which costs are carried in inventory on the balance sheet?(Product / Period / Both / Neither) Where are product costs expensed on the income statement? (COGS / Operating expenses) Where are period costs expensed on the income statement? (COGS / Operating expenses)

What types of costs are included in Manufacturing Overhead? List 3 examples. What is the formula to compute a predetermined overhead rate?

Why does a job-costing system allocate overhead using a predetermined overhead rate?

Do product costing techniques apply equally well to manufacturing and to service companies? (Yes / No) How does the output of a manufacturing firm differ from that of a service firm?