Which of the following statements is true regarding product and period costs? Multiple Choice Orfice salaries expense and factory maintenance are both product costs. Office rent is a product cost and supervisors' salaries expense is a period cos Factory rent is a product cost and advertising expense is a period cost. Delivery expense is a product cost and Indirect materials is a period cost. Sales commissions and Indirect labor are both period costs Period costs for a manufacturing company would fiow directly to Multiple Choice The Income statement as an expense. Factory overhead The balance sheet as inventory Cost of goods sold on the income statement The current schedule of cost of goods manufactured. A debit is used to record an increase in al of the following accounts except Supp es Cash Accounts Payable O Dividends Prepaid Insurance Using the information below, caiculate cost of goods sold for the period: sales revenues for the period Operating expenses for the period Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 Cost of goods manufactured for the period 540,000 $1,304,000 239,000 36,000 41,000 Multiple Choice o $774,000. $769,000 $530,000. $535,000. $448,000. Selling and administrative expenses are normally period costs. True or False True False The cost of workers who assist In, or supervise, the manufacturing process, not linked to specific units of product is called: Unspecified labor. O Direct labor. Indirect labor. Basic labor Joint labor