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Match the term with the correct definition. Finished goods inventory Direct costs Work in process inventory Product costs Sta
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Term Correct Definition
Finished Goods Inventory Goods that are completed by a manufacturer are reported in this account
Direct Costs Costs that are an integral part of the finished product and a significant portion of the total cost of the product
Work in progress inventory Goods that are partially completed by a manufacturer are reported in this account
Product costs Direct Material, direct labour and factory overheads
Statement of Cost of Goods manufactured Reports Cost of Goods Manufactured
Period Cost Operating costs that are shown on the income statement in the period in which they are incurred
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