1. In a manufacturing firm, product costs include: a. all GAAP costs
b. all variable costs
c. all manufacturing costs
d. all fixed costs all non-manufacturing costs

2. Period costs include:

a. all fixed costs
b. all non-manufacturing costs
c. all variable costs
d. all non-GAAP costs
e. all manufacturing costs

Answer and Explanation:

1. The product cost involved all the manufacturing cost i.e. direct cost that includes direct material, direct labor, manufacturing overhead etc

2. The period cost involved non-manufacturing cost i.e. indirect cost like rent expense, fixed selling & admin expenses, depreciation expense, etc

Therefore for 1 the option c is correct and for 2 the option b is correct

answer; ///i believe the correct answer is (c) laissez-faire;