Which of the following views of product costs is consistent with financial reporting requirements?

Select one:

A. Product costs are all costs incurred in the process of manufacturing products, even if they are only indirectly related to the production process.

B. Product costs include all costs incurred throughout the value chain.

C. Product costs are all labor and materials costs that are incurred in the process of manufacturing products.

D. Product costs are all costs directly incurred in the manufacturing and selling of the product.