Question 1 The term "cost" means: all of these. the price paid for a raw material. the wage paid to a worker. the price charged by an entity for its services.

Product costs are the: Group of answer choices Non-manufacturing costs that are expensed in the accounting period in which they are incurred. Costs that are recorded as assets in the balance sheet unless the products are sold. Manufacturing costs that must be paid in the accounting period in which they are incurred. Manufacturing costs that are expensed in the income statement in the period in which they are incurred.

What costs are incurred when making a product? How are they recorded when incurred?

Question1. What is the process costing income statement? Provide a hypothetical example of a process costing income statement in a manufacturing enterprise.