Which of the following is true of product costs (manufacturing costs) vs. period costs (non-manufacturing costs)? Muitiple Choice Products costs st on the bolance sheet in imventory accounts unth the finished unt is sold and the cost can be erpensed on the income ststement as cost of goods sold Product costs are immed ately expensed in the peniod in wh ich they are incurred Period costs sit on the balance sheet in raw moteria: work in process, and insited goods inventory occoints: Both product and petiod costs oro immedisles expensed in the period in waich they we incurred