Lawlor, Inc. is the manufacturer of lawn care equipment. The company incurs the following costs while manufacturing wood t (Cck the icon to view the costs) Requirement 1. Desobe the difference between period costs and product costs 2 Classily Lawlors costs as period costs or product costs if the costs are product costs, hather classify as drect materials, direct labor or manufacturing overhead Requirement 1. Describe the difference between period costs and product cost are operating costs that are expensed in the accounting period in which they are incred are all costs of a product that The cost is then transferred to an expense account p On the income statement requires companies to treat as an asset for external financial reporting. These costs are recorded as an ass entry) on the balance sheet the on the income statement is subtracted from to determine oross proft. The are the subtracted to determine operati