Period costs flow from finished goods to cost of goods sold- False.
Period costs are expenses that are not connected to or related to the creation of inventories in managerial and cost accounting. The expenses are recorded at the period they were incurred because they are unrelated to the creation of inventory.
In a nutshell, period costs are any expenses that do not contribute to the creation of a product (product costs). Period costs are deducted and appear on the income statement, which lowers net income.
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