sheer os the he lhalance stee ncome statement when products are sold ha ae shown on the income statement in the period in which they are sheet s A ewrred abilies on psceating costs rng that are shown on the eperating eosts that are shown on the incwred DIF: Moderate OBJ: 18-02 PTS:1 IMA-Cost Managemen t | ACBSP APC-27-Managerial Accounting ANS: D NAT: AACSB Analyt Features Costs A product cost is expensed in the period in which it is incurred b shown with current liabilities on the balance sheet e shown on the income statement with the operating ex d expensed in the period the product is expe a. the operating .. Factory overhead includes: factory rent and direct labor a. b. direct materials and direct labor c. indirect materials and direct materials d. indirect labor and indirect materials Finished goods inventory is reported on the: a. income statement as a period cost b. balance sheet as a long-term asset c. balance sheet as a current asset d. income statement as revenue a Al of ollowi the following would be reported on the balance sheet as a current asset except a. factory overhead b. materials inventory c. finished goods inventory d. work in process inventory