Part 1: Product vs Period Cost Classifications Mr. Suncat is little confused about the difference between a product cost and a period cost and what is included in a product cost. a. Define product cost and give two examples of a product cost. b. Define period cost and give two examples of a period cost. c. List and define the three costs that are included in determining a product cost. Mr. Suncat has given you the following list of costs and has asked you to classify these costs using the chart below by placing an " X " under the appropriate heading