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Lawlor, Inc. is the manufacturer of lawn care equipment. The company incurs the following costs while manufacturing weed trimmers: i (Click the icon to view the costs.) Requirement 1. Describe the difference between period costs and product costs. 2. Classify Lawlor's costs as period costs or product costs. If the costs are product costs, further classify as direct materials, direct labor, or manufacturing overhead. Requirement 1. Describe the difference between period costs and product costs. are operating costs that are expensed in the accounting period in which they are incurred. are all costs of a product that requires companies to treat as an asset for external financial reporting. These costs are recorded as an asset (inventory) on the balance sheet until the asset is sold. The cost is then transferred to an expense account ( ) on the income statement. On the income statement is subtracted from to determine gross profit. The are then subtracted to determine operating income Requirement 2. Classify Lawlor's costs as period costs or product costs. If the costs are product costs, further classify as direct materials, direct labor, or manufacturing overhead. Shaft and handle of weed trimmer i More Info Motor of weed trimmer Factory labor for workers assembling weed trimmers Nylon thread used by the weed trimmer (not traced to the product) Shaft and handle of weed trimmer Glue to hold the housing together Motor of weed trimmer Factory labor for workers assembling weed trimmers Plant janitorial wages Nylon thread used by the weed trimmer (not traced to the product Depreciation on factory equipment Glue to hold the housing together Plant janitorial wages Rent on plant Depreciation on factory equipment Sales commissions Rent on plant Sales commissions Administrative salaries Administrative salaries Plant utilities Plant utilities Shipping costs to deliver finished weed trimmers to customers Shipping costs to deliver finished weed trimmers to customers Print Done Choose from any drop-down list and then continue to the next