The statement that product costs are expensed when they are incurred is False.
In managerial accounting, product cost is any expense associated with the creation of a product, whether direct or indirect.
The expenses of product costs are:
These costs are not expensed till the product is completely sold, then they are displayed on the income statement as the cost of goods sold.
Therefore, we can conclude that product costs are expensed when inventory is sold to customers.
Learn more about product cost here:
https://brainly.com/question/25790940
