Problem Solving: 1. Tsokolate Corp. is a cookie company in Batangas City that produces and sells chocolate chip cookies with extremely high quality and service. The owner would like to identify the various costs incurred during each year in order to plan and control the costs in the business. Tsokolate's cost are the following (in thousand of pesos): Utilities for the Bakery 2,100 Paper used in packaging product 90 Salaries and wages in the bakery 19,500 Cookie ingredients 35,000 Bakery labor and fringe benefits 1,300 Administrative costs 1,000 Bakery equipment maintenance 800 Depreciation of bakery plant and equipment 2,000 Uniforms 400 Insurance for the bakery 900 Rent for administration offices 17,200 Advertising 1,900 Boxes, bags and cups used in the bakery 1,100 Manager's salary 13,000 Overtime premiums 2,600 Required: a. Total amount of product costs b. Total amount of period costs