Which of the following statements is true? - 15474

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Which of the following statements is true?
 
Product costs eventually affect both the balance sheet and the income statement.
 
Neither product costs nor period costs affect the Statement of Retained Earnings.
 
Product costs affect only the balance sheet.
 
Product costs affect only the income statement.
 
Period costs affect only the balance sheet.

                                       

Solution Description

 

 

Which of the following statements is true?