For Product Costs Associated With A Particular Product To Be Reported On The Income Statement

--"cost" can have different meanings depending on context and data that are classified and recorded in particular way for one purpose may be inappropriate for In the period when inventory is sold, the product cost of that inventory is recognized as an expense called cost of goods sold. Income Statement Review..Start studying Accounting Test Review. Learn vocabulary, terms, and more with flashcards, games, and other study tools..O Is it possible to lower the cost of producing particular product line in order to be more price competitive? o Is it less expensive to buy certain parts used in Product costs should be reported in the income statement only when they can be matched against product revenue. Direct Labor. The direct labor account is used to .Answer to For product costs associated with a particular product to be expensed on the income statement:A. The product must be .