24. Bill Pope has developed a new device that is so exciting he is considering quitting his job in order to produce and market it on a large-scale basis. Bill will rent a garage for $300 per month for production purposes. Utilities will cost $40 per month. Bill has already taken an industrial design course at the local community college to help prepare for this venture. The course cost 5300. Bill will rent production equipment at a monthly cost of 5800. He estimates the material cost per unit will be $5, and the labour cost will be 53. He will hire workers and spend his time promoting the product. To do this he will quit his job,which pays SBIOOO per month. Advertising and promotion will cost $900 per month. Required: Complete the chart below by placing an "K" under each heading that helps to identity the cost involved. There can be "35mg" placed under more than one heading for a single cost, e.g., a cost might be a sunk cost, an overhead cost and a product cost; there would be an "X" placed under each of these headings opposite the cost. (15} General rent Utilities Cost ofthe industrial design course Equipment rented Material cost Labour cost Present salary Advertising