2 Graded Problems Suppose that you have been given a summer job as an intern at issac Arcams, a company that manufactures sophisticated spy cameras for remote-controlled military reconnaissance aircraft. The company, which is privately owned, has approached a bank for a loan to help finance its growth. The bank requires financial statements before approving the loan Required: Classify each cost listed below as either a product cost or a period cost for the purpose of preparing financial statements for the bank. Product Cost / Period Cost Costs 1. Depreciation on salespersons' cars. 2. Rentoneguiment used in the factory 3. Lubricants used for machine maintenance. 4 Salaries of personnel who work in the finished goods warehouse 5 Scap and paper towels used by factory workers at the end of a w 6. Factory supervisors' salaries 7. Heat, water, and power consumed in the factory 8. Maner used for boxing products for shipment overseas. (Units are not normally boxed) Advertising costs 10. Workers' compensation insurance for factory employees 11. Depreciation on chairs and tables in the actory 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 conferens 15. The cost of packaging the company's product