b) The newly promoted production supervisor of Lebah Sdn Bhd is not clear why it is necessary to separate product and period costs. Advise him of the nature of product and period costs. Explain to him how product and period costs are shown in the income statement and the balance sheet and how these costs relate to direct costing. Discuss five reasons why the new supervisor would prefer to use direct costing and not absorption costing. (13 marks)