Which of the following statements is false?

Question $8$ options:

Product costs are relevant for purposes of calculating Gross Profit on the Income Statement for both a merchandiser and a manufacturer.

Product costs for a manufacturer are categorized as either direct material, direct labor, or manufacturing overhead costs.

Product costs for a merchandiser are expensed as COGS when the related unit is sold.

All links in the value chain applicable to a service company are considered period costs.

Indirect product costs are equal in amount to indirect period costs.