Initially recorded as an inventory asset if the product has not yet been sold. It is changed to COGS as soon as the product is sold and is an expense on the income statement.
When are product costs expensed for financial reporting purposes?
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Initially recorded as an inventory asset if the product has not yet been sold. It is changed to COGS as soon as the product is sold and is an expense on the income statement.
When are product costs expensed for financial reporting purposes?