Tracy is unsure how much to charge for the cupcakes. When she was making the cupcakes by herself and only rented a small storefront that was only open on weekends, she calculated the cost per cupcake based on the cost of ingredients and she added 50% to that cost to cover all of her other expenses. She is not sure if that was accurate, Tracy has asked you to help her determine the cost per cupcake. She has given you her estimated total for each expense. She does not know how to allocate her overhead costs. She also knows that some of her costs are product costs and some are period costs. She has given you a list of costs and needs you to first, determine which costs are period costs and which costs are product costs and, secondly, determine which are direct materials, direct labor, and factory overhead. She believes that the best cost driver for the factory overhead costs to be the number of cupcakes baked and sold Your assignment is to calculate the cost per cupcake and present your findings in a 1 % page paper. Explain to Tracy the costs are product costs and the costs are period costs. She also needs to know which costs are direct materials and direct labor and how you allocated the factory overhead. Your paper can contain charts and other graphies you feel are helpful Here is her expected annual data: The first year she expects to sell 102,000 cupcakes. She will pay her supervisor a salary and her bakers an hourly wage. The person she hires to work in the office will receive salary and her salesman will earn a commission based on the number of cupcakes sold for special events. Raw materials Variable 533,250 All are purchased as needed to avoid Sportage and to have the freshest ingredients Bakery wages Variable $51,100 They do all of the baking Supervisor's Fixed $29,700 Supervisor does not do any baking, but supervises salary the bakers Office Foxed $20,800 Office personnel do not do any baking personnel Tracy's salary Foxed $41,300 She considers herself CEO Salesman's Variable 518,450 He is paid based on number of cupcakes sold to salary special events Supplies Variable $3,310 All used in the bakery Utilities Variable $4,225 85% is for the bakery and 15% is for the (electric) administrative office Utilities (Gas) Variable $2.900 All for bakery for ovens Water Variable $1,650 All for bakery Fixed 52.050 All for bakery Repairs and maintenance Rent expense Fixed $3,090 85% is for the bakery and 15% is for the administrative office All for administrative office Fixed $1,225 Telephone and internet