Classify each of the costs below as either a product cost or a period cost under 

(a) Absorption costing

(b) Variable costing.

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Cost Direct materials. Direct labor.... Variable overhead.. Fixed overhead. Variable selling and administrative expenses. Fixed selling and administrative expenses......... Amount $3 per unit $5 per unit $2 per unit $200,000 per year $0.50 per unit $100,000 per year Absorption Costing Variable Costing