Answer the following statements true (T) or false (F)
1. Indirect labor costs might include the salary of the production manager.
2. Product costs, such as manufacturing overhead, should be treated as an asset in an inventory account
until the product is sold.
3. Manufacturing overhead includes all manufacturing costs, such as direct labor and direct materials.
4. Manufacturing overhead includes indirect manufacturing costs, such as insurance and depreciation
on the factory building.
5. All costs incurred in the manufacture of completed products are product costs.
1. TRUE
2. TRUE
3. FALSE
4. TRUE
5. TRUE
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