In cost and management accounting, product costs are also commonly referred to by which of the following names?

Introduction / Context:
This question is from cost and management accounting. Product costs are the costs assigned to goods that are manufactured or purchased for resale. These costs are initially recorded as inventory on the balance sheet and expensed as cost of goods sold when the goods are sold. Because of this treatment, product costs are also known by another name that reflects their connection with inventory. Understanding this terminology is important for correctly interpreting financial statements and cost classifications.

Given Data / Assumptions:
- The term being re named is "product costs".
- The options are Inventoriable Costs, Voluntary Costs, Vulnerable Costs and None of the above.
- We assume standard cost accounting terminology where product costs include direct materials, direct labour and manufacturing overhead.

Concept / Approach:
Product costs are costs that attach to units of product. They are stored as inventory until the related goods are sold. Because they are included in inventory values on the balance sheet, they are called inventoriable costs. Period costs, by contrast, are expensed in the period in which they are incurred and are not included in inventory. The terms "voluntary costs" and "vulnerable costs" are not standard classifications in this context. Therefore, the option that correctly re labels product costs is "Inventoriable Costs".

Step-by-Step Solution:
Step 1: Recall that product costs are those costs that can be attached to inventory and carried forward until the product is sold. Step 2: Identify the option that reflects this link to inventory, namely "Inventoriable Costs". Step 3: Recognise that "Voluntary Costs" suggests discretionary spending but has no specific meaning in product versus period cost classification. Step 4: Note that "Vulnerable Costs" is not a recognised technical term in cost accounting. Step 5: Select "Inventoriable Costs" as the correct alternative name for product costs.

Verification / Alternative check:
To verify, consider manufacturing a batch of finished goods. The costs of raw materials used, direct labour spent and manufacturing overhead allocated are all added to inventory. On the financial statements, these costs appear under inventory while goods remain unsold. Once the goods are sold, these same costs move from inventory to cost of goods sold. This inventory connection explains why product costs are called inventoriable costs. Period costs such as selling and administrative expenses do not go into inventory, confirming that the terminology correctly distinguishes between these categories.

Why Other Options Are Wrong:
Option B, Voluntary Costs, does not correspond to any standard cost accounting category for product or period costs and has no formal definition in this context.
Option C, Vulnerable Costs, is similarly not a recognised term in cost and management accounting and therefore cannot be a correct synonym for product costs.
Option D, None of the above, is incorrect because Inventoriable Costs is a widely accepted alternative name for product costs.

Common Pitfalls:
A common pitfall is to treat unfamiliar but impressive sounding terms such as "vulnerable" or "voluntary" as if they must be technical. Another mistake is to ignore the inventory treatment and focus only on how costs are incurred. To avoid this, always link product costs with inventory and selling, and period costs with the period in which they are incurred. Remembering that product costs are inventoriable costs helps reinforce this connection.

Final Answer:
In cost and management accounting, product costs are also called Inventoriable Costs.