Reference no: EM132746927

Problem 1: Inventoriable costs are

a. only purchased goods for resale.

b. a category of costs used only for manufacturing companies.

c. recorded as expenses when incurred and later reclassified as assets.

d. recorded as assets when incurred.

Problem 2: Period costs are

a. all costs in the income statement other than cost of goods sold.

b. defined as manufacturing costs incurred this period on the schedule of cost of goods manufactured.

c. always recorded as assets when first incurred.

d. those costs that benefit future periods.