The following is a list of costs that were incurred in producing an accounting textbook. Classify each cost as either a product cost or a period cost. Indicate whether each product cost is direct materials, direct labor, or overhead. Indicate whether each period cost is a selling expense or an administrative expense. 1. Insurance on the factory building and equipment 2. Salary of the vice president of finance 3. Hourly wages of printing press operators during production. 4. Straight-line depreciation on the printing presses used to manufacture the text 5. Electricity used to run the presses during the printing of the text 6. Sales commissions paid to textbook representatives for each text sold 7. Paper on which the text is printed 8. Glue used to bind the pages 9. Salaries of staff used to develop artwork for the text 10. Straight-line depreciation on an office building