Product costs are also known as inventoriable costs IS IT TR

Product costs are also known as inventoriable costs. IS IT TRUE OR FALSE

Solution

Ans. It is true that product costs are also known as inventoriable cost.

To illustrate it, assume that a retailer purchase goods of $100 and the same goods are received through paying freight charges of $10, then the retailers inventoriable cost in the books or balance sheet are $110.