What costs are product or period costs and how/where are they accounted for in the financial statements (income statement or balance sheet)? What are the 3 inventory accounts used by a manufacturing firm? How does this differ from a merchandising firm? Can you explain the flow of costs for a manufacturing firm? How does this differ from a merchandising firm? What are the 3 manufacturing costs we've covered?

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1 Product or Period Costs Product costs are directly related to the production of goods and include direct materials direct labor and manufacturing ov... View the full answer