Question 1 (5 marks) Various costs are associated with running a nail manufacturing plant as summarized below: 1. Steel slabs to produce nails at $500/slab 2. Insurance on equipment is $2,300/month 3. Commissions to sales staff is paid at $0.80 per nail sold 4. Overtime wages during busy summer months at 1.5x regular wage 5. Wage to a plant foreman at $60,000/year Classify each cost as being either variable or fixed with respect to nail manufacturing. Also indicate whether each cost would typically be treated as a direct material, direct labour, manufacturing overhead or period cost with respect to nail manufacturing. (1 marks each)