What are the components of the cost of services provided by a service firm?

What is the difference between product costs and period costs?
What are the components included in each of the three (3) types of inventory in a manufacturing operation?
What are the components of the cost of services provided by a service firm?
What is the difference between direct and indirect costs? Why is it important to properly identify the differences?
Explain why are ‘product costs’ called inventoriable costs.

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