Which of the following statements are true? Select all that apply.

A) Product costs are immediately recorded in expense accounts when the products are manufactured.

B) For a manufacturing company, both direct labor costs and indirect labor costs are classified as product costs.

C) Product costs include materials, labor, and selling and administrative costs.

D) Managerial accounting is designed to satisfy needs of external users including creditors, investors, and governmental agencies.

E) Depreciation on manufacturing equipment is an indirect product cost (i.e., overhead), while depreciation on office equipment is a period cost.

F) Period costs are initially recorded in asset accounts and are later expensed in the period when the related units are sold.