CI 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, If 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 Direct Labor Factory Overhead Perlod Costs General & Selling Expense Administrative Expense 1. Salesperson commissions 2 Steel for cars 3. Depreciation on office equipment 4. Leather for car seats 5. Insurance on factory building 6. Salesperson smartphone costs 7. Insurance on office building 8. Property taxes on factory building 9. Factory electricity 10. Depreciation on factory machine