$ Amount 3 per unit Classify each of the costs below as either a product cost or a period cost under (a) absorption costing and (b) variable costing Cost Direct materials Absorption Costing Variable Costing Direct labor Variable overhead $ 4 per unit $ 2 per unit Fixed overhead $ 400,000 per year Variable selling and administrative expenses $ 0.50 per unit Fixed selling and administrative expenses $ 300,000 per year