Chi Exercise 14-6 (Algo) Classifying product and period costs LO C2 A car manufacturer incurs the following costs. Classify each cost as either a product or period cost 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 Place an "X" in the correct column for each cost (Leave no cell blank. If there is no effect select "No") Product Costs Costs Direct Materials Period Costs General & Selling Administrative Expense Expense Factory Overhead Direct Labor 1. Rent on factory building 2. Steering wheels used in cars 3. Property taxes on office building 4 Insurance on office building 5. Factory electricity 6 Advertising 7 Depreciation on factory machine 8 Batteries for electric cars 9 Stool for cars 10. Leather for car seats