Ashley Kane, the Controller of Nickle Products, was concerned about advertising expenses that were being recorded as a manufacturing cost (inventory) in conjunction with direct material, direct labour and other manufacturing overhead. Ashley wants to reclass the costs as an expense to the current period, however, the President of the organization has asked her to treat the costs as prepaid advertising instead. As Nickle has been experiencing a great deal of financial difficulty since COVID, the President wants to keep the costs on the balance sheet rather than expense the amount as it would further deteriorate the company's net income and may result in the bank calling in their loan. Ashley doesn't know what to do. Requirements Based on the above details, please complete the below requirements for a total grade of 20 marks (5%). . Distinguish (define and explain the difference) between period and product costs by (4 marks) b. Explain the impact of treating the advertising as a manufacturing cost. Which financial statement(s) would be affected and how