Product Cost vs Period Cost - Accounting

The video tutorial explains the concepts of product and period costs in managerial accounting. Product costs include direct materials, direct labor, and manufacturing overhead, which are associated with creating a product. Period costs, on the other hand, are related to accounting periods and include selling and administrative expenses. The tutorial also discusses how these costs are categorized and expensed.

What are selling expenses and administrative expenses categorized as?

Describe the difference between product costs and period costs.