Posner Corporation reported the following costs for the year 2020: Direct materials $388,800 Direct labour 226,060 Rent on the production facility 43,200 Supervision in the production facility 90,000 Factory utilities 11,340 Indirect labour in the production facility 54,000 Depreciation on manufacturing equipment 16,200 Sales commissions 48,600 Sales salaries 117,000 Advertising 66,600 Salary of the factory assistant in the production facility 50,400 Depreciation on equipment in the head office 18,000 Salary of the office assistant in the head office 54,000 Other administrative costs 315,000 Required: A) Using the following format, classify the costs and total the amounts in each column. Costs Direct materials Direct labour Manufacturing overhead Selling expense Administrative Expense 2 B) What was the total product cost for 2020? C) What was the total period cost for 2020? D) Using your own words, describe the different between product costs and period costs. Why is it important for companies to distinguish between these types of costs? E) If the company sold 20,000 units during the year, what was the manufacturing cost per unit?