ssac Aircams manufactures sophisticated spy cameras for remote$-$controlled military reconnaissance aircraft. It has approached a bank for a loan to finance its growth. The bank requires financial statements before approving the loan.Required:Classify each cost listed below as either a product cost or a period cost for the purpose of preparing financial statements.CostsProduct Cost or Period Cost$1.$ Depreciation on salespersons cars$\mathrm{.}2.$ Rent on equipment used in the factory$\mathrm{.}3.$ Lubricants used for machine maintenance$\mathrm{.}4.$ Salaries of personnel who work in the finished goods warehouse$\mathrm{.}5.$ Soap and paper towels used by factory workers at the end of a shift$\mathrm{.}6.$ Factory supervisors salaries$\mathrm{.}7.$ Heat, water, and power consumed in the factory$\mathrm{.}8.$ Materials used for boxing products for shipment overseas. $($Units are not normally boxed.$)9.$ Advertising costs$\mathrm{.}10.$ Workers compensation insurance for factory employees$\mathrm{.}11.$ Depreciation on chairs and tables in the factory lunchroom$\mathrm{.}12.$ The wages of the receptionist in the administrative offices$\mathrm{.}13.$ Cost of leasing the corporate jet used by the companys executives$\mathrm{.}14.$ The cost of renting rooms at a Florida resort for the annual sales conference$\mathrm{.}15.$ The cost of packaging the companys product.