Suncat Cake Shop, is a local Albuquerque bakery, specializing in wedding cakes. They make three types of wedding cakes, basic, multi-layer, and custom. The basic wedding cake has no more than two layers, one icing color, and one flavor. The multi-layer wedding cake has no more than four layers, up to three icing colors, and two flavors. The custom wedding cake is made to the customer's specifications. The company opened its doors in December 2019. In trying to correctly determine the selling price for its wedding cakes, Mr. Suncat, the owner, knows that he needs to have an accurate cost for each type of wedding cake since his markup on each wedding cake is based off its' cost. So, if Mr. Suncat doesn't calculate the cost of each type of wedding cake correctly, he may be overcharging or undercharging his customers! Mr. Suncat considers both the rear of the Shop (where the cakes are baked and decorated) and the front of the Shop (where he meets with customers) to all be considered the manufacturing area. Mr. Suncat does all administrative and selling aspects of Suncat Cake Shop from his home. Part 1: Product vs Period Cost Classifications Mr. Suncat is a little confused about the difference between a product cost and a period cost and what is included in a product cost. a. Define product cost and give two examples of a product cost. b. Define period cost and give two examples of a period cost. c. List and define the three costs that are included in determining a product cost