Review the classification scenario's below and comment on whether it is possible for a cost to exist that would be identified in the scenario. Explain your answer as to why the classification is plausible or not.

1. A cost that is a Direct Cost and Factory Overhead

2. A Direct Labor cost that is also classified as a Converting cost

3. A Prime cost that is Indirect

4. A Direct Material cost that is a Period cost

5. A Product cost that is Administrative