LO 1-4 PA1-3 Classifying Costs; Calculating Total Costs; Identifying Impact of Misclassification Assume that Suzie Chang ( PA1-2) has decided to begin production of her outdoor children's toy. Her company is Jiffy Jet and costs for last month follow. Factory rent Company advertising Wages paid to assembly workers Depreciation for salespersons' vehicles Screws Utilities for factory Assembly supervisor's salary Sandpaper President's salary Plastic tubing Paint Sales commissions Factory insurance Depreciation on cutting machines Wages paid to painters $3,200 1,000 30,000 2,000 500 900 3,500 150 6,000 4,200 250 1,200 1,000 2,000 7,500

( LO 1-4 PA1-3 Classifying Costs; Calculating Total Costs; Identifying Impact of Misclassification Assume that Suzie Chang ( PA1-2) has decided to begin production of her outdoor children's toy. Her company is Jiffy Jet and costs for last month follow. Required: 1. Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for direet materials (DM), direct labor (L), or manufacturing overhead (MOH). 2. Identify each of the preceding costs as yariable of fixed cost. 3. Determine the total cost for each of the following: a. Direct materials. b. Direct labor. c. Manufacturing overhead. d. Prime cost. e. Conversion cos: f. Total product cost. 2. Total period cost. h. Total variable cost. 1. Total fuxed cost. 4. Suppose all period costs were incorrectly identified as product costs. What impact could that have on Jifly Jet's financial statements? Be specific