A car manufacturer incurs the following costs. Classify each cost as either a product or period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. Costs es Salesperson commissions Steel for cars Depreciation on office equipment Leather for car seats Factory building insurance used up Salesperson smartphone costs Office building insurance used up Property taxes on factory building Factory electricity Depreciation on factory machine Cost Classification Period Cost: Selling Expense Product Cost: Factory Overhead