Amount $ 4 per unit Classify each of the costs below as either a product cost or a period cost under (a) absorption costing and (b) variable costing. Cost Direct materials Absorption Costing Variable Costing Product Product Direct labor $ 7 per unit Product Product Variable overhead S 3 per unit Product Product Fixed overhead $ 310,000 per year Product Period Variable selling and administrative expenses $ 0.50 per unit Period Period Fixed selling and administrative expenses S 210,000 per year Period Period