3) Choco Chocolata is a cookie company in Juarez, Mexico that produces and sells American-style 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. Chocolata's costs are the following (in thousands of pesos): Utilities for the bakery Paper used in packaging product Salaries and wages in the bakery Cookie ingredients $2,100 180 23,500 43,500 Bakery labor fringe benefits 1,300 Administrative costs 2,300 Bakery equipment maintenance 800 Depreciation of bakery plant and equipment 2,200 Uniforms for bakers 750 Insurance for the bakery 900 Rent for administration offices 18,500 2 Advertising 3,500 Boxes, bags, and cups used in the bakery 1,100 Office Manager's salary 13,000 Overtime premiums Idle Time Required: (1) What is the total amount of product costs? (2) What is the total amount of period costs? 2,600 500 3) Choco Chocolata is a cookie company in Juarez, Mexico that produces and sells American-style 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. Chocolata's costs are the following (in thousands of pesos): Utilities for the bakery Paper used in packaging product Salaries and wages in the bakery Cookie ingredients $2,100 180 23,500 43,500 Bakery labor fringe benefits 1,300 Administrative costs 2,300 Bakery equipment maintenance 800 Depreciation of bakery plant and equipment 2,200 Uniforms for bakers 750 Insurance for the bakery 900 Rent for administration offices 18,500 2 Advertising 3,500 Boxes, bags, and cups used in the bakery 1,100 Office Manager's salary 13,000 Overtime premiums Idle Time Required: (1) What is the total amount of product costs? (2) What is the total amount of period costs? 2,600 500