Exercise $2$: Suppose that you been given a summer job at Fairway Avionics a company that manufactures sophisticated radar sets for commercial aircraft. The company which is privately owned, had approached a bank for a loan to help finance its tremendous growth. The bank requires financial statements before approving such a loan.Classify each cost listed below as either a product cost or a period cost for purposes of preparing the financial statements for the bank$\mathrm{.}1.$ The cost of the memory chips used in a radar set$\mathrm{.}2.$ Factory heating costs. $3.$ Factory equipment maintenance costs. $4.$ Training cost for new administrative employees. $5.$ The cost of the solder that is used in assembling the radar set. $6.$ The travel costs of the companys sales person. $7.$ Wages and Salaries of factory security personnel. $8.$ The cost of air$-$conditioning executive offices. $9.$ Wages and Salaries in the department that handles billing customers. $10.$ Depreciation on the equipment in the fitness room used by factory workers$\mathrm{.}11.$ Telephone expenses incurred by factory management$\mathrm{.}12.$ The costs of shipping completed radar sets to customers$\mathrm{.}13.$ The wages of the workers who assemble the radar sets. $14.$ The presidents salary$\mathrm{.}15.$ Health insurance premiums for factory personnel.