Classify each cost listed below as either a product cost or a period cost for the purpose of preparing financial statements.

$1.$ Depreciation on salespersons' cars.

$2.$ Rent on equipment used in the factory.

$3.$ Lubricants used for machine maintenance.

$4.$ Salaries of personnel who work in the finished goods warehouse.

$5.$ Soap and paper towels used by factory workers at the end of a shift.

$6.$ Factory supervisors' salaries.

$7.$ Heat, water, and power consumed in the factory.

$8.$ Materials used for boxing products for shipment overseas. $($Units are not normally boxed.$)$

$9.$ Advertising costs.

$10.$ Workers' compensation insurance for factory employees.

$11.$ Depreciation on chairs and tables in the factory lunchroom.

$12.$ The wages of the receptionist in the administrative offices.

$13.$ Cost of leasing the corporate jet used by the company's executives.

$14.$ The cost of renting rooms at a Florida resort for the annual sales conference.

$15.$ The cost of packaging the company's product.

EXERCISE $1-4$ Fixed and Variable Cost Behavior $\backslash (\backslash$triangle $\backslash )$ LO$1-4$