Requirements 1. Classify each of the business costs below into one of the six value chain elements. 2. For a manufacturing company, identify the costs below as either a product cost or a period cost. If it is a product cost, classify it as direct materials, direct labor, or manufacturing overhead. Requirement 1. Classify each of the following business costs into one of the six value chain elements: a. Costs associated with warranties and recalls Customer service b. Cost of shipping finished goods to overseas customers Distribution Costs a pharmaceutical company incurs to develop new c. drugs Research and development d. Cost of a 30-second commercial during the SuperBowl Marketing e. Cost of making a new product prototype Design f. Cost of assembly labor used in the plant Production Requirement 2. For a manufacturing company, identify the following as either a product cost or a period cost. If it is a product cost, classify it as direct materials, direct labor, or manufacturing overhead. (If the cost is a period cost, leave the second column blank.) a. Depreciation on plant equipment Product cost b. Depreciation on salespeoples' automobiles Period cost c. Insurance on plant building Product cost Direct labor d. Marketing manager's salary Period cost Direct materials Manufacturing overhead e. Cost of major components of the finished product Product cost f. Assembly-line workers' wages Product cost g. Costs of shipping finished products to customers Period cost h. Plant forklift operator's salary Product cost Choose from any drop-down list and then continue to the next