Which sentence is true Product costs are costs that are expensed during the time period in which they are incurred Product costs are the consumption of assets for the purpose of generating revenue. Product costs are costs associated with goods for sale until the time period during which the products are sold. Exercise Alfa company had the following inventory balances at the beginning and end of 20x1 Inventory classification Raw Materials Work in process Finished goods January 1, 20x1 55.000 120.000 110.000 December 31, 2011 60.000 180.000 140.000 During 20x1, the company purchased 160000 of raw material and spent 180000 for direct labor. Manufacturing overhead costs were as follow: Indirect Material: 14000; Indirect Labor: 20000; Depreciation on plant and equipment: 24000; Utilities: 32000; Other: 15000. You have to write the value of A) Raw material used - B) Total manufacturing overhead cost- C) Cost of goods manufactured =