Exerclse 16.3 (Statle) Product Costs and Perlod Costs (LO16-3, LO16-5) Indicate whether each of the following should be considered a product cost or a period cost. If you Identify the Item as a product cost, also Indicate whether It is a direct or an Indirect cost. For instance, the answer to the Example item is "Indirect product cost." Example: Property taxes on factory bullding