: Work in process is A) inventory that is ready to be sold B) inventory that has not been started C) inventory that is completed D) inventory that has been started but not completed 5: When are period costs recorded? A) at the discretion of management B) when the product that they are associated with is sold C) when they occur D) none of the above 6: Period costs are reported on which statement? A) Balance Sheet B) Schedule of Contract Services C) Income Statement D) Schedule of Cost of Goods Sold