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Which of the following statements is false? Question 8 options: Product...

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Accounting

Which of the following statements is false?
Question 8 options:
Product costs are relevant for purposes of calculating Gross Profit on the Income Statement for both a merchandiser and a manufacturer.
Product costs for a manufacturer are categorized as either direct material, direct labor, or manufacturing overhead costs.
Product costs for a merchandiser are expensed as COGS when the related unit is sold.
All links in the value chain applicable to a service company are considered period costs.
Indirect product costs are equal in amount to indirect period costs.

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