Nenad \& Company had the following costs (among others): - cost of direct materials used - $50,000 - depreciation on factory equipment - \$3,000 - salary of sales personnel - $7,000 - depreciation on office furniture in the accountant's office - $1,000 - cost of direct labor used - $13,000 - cost of factory utilities - $800 Evaluate the following statements: 1. Period costs this period were $7,000 2. Product costs this period were $66,800 3. Conversion costs this period were $16,800 All of the Statements are true Only Statements \#1 and \#2 are true All of the Statements are false Only Statements \#2 and \#3 are true Only Statement \#3 is true Only Statement \#1 is true Only Statement \#2 is true Only Statements \#1 and \#3 are true