Use the 2016 Form 10-K for Snap-on Inc. to complete the requirements below. To obtain the Form 10-K, you can search EDGAR system at sec.org (follow the instructions in our text, Appendix A), or search Corporate Information on the company's corporate website at www.snapon.com (Links to an external site.). Read carefully the following portions of the document:

Notes to Financial Statements:

Note 1 -> Summary of Accounting Policies

Shipping and handling

Advertising and promotion

Note 4: Inventories

Questions:

Does Snap-on treat shipping and handling costs as product or period costs (or both)? How can you tell?

Does Snap-on treat advertising and promotion costs as product or period costs (or both)? How can you tell?

What are the three main categories of inventory does Snap-on report in its annual report?

After browsing the annual report, comment on two other interesting things that you learned about Snap-On Inc. during your research.

Required:

Answer each of the above questions in complete sentences

Be sure to fully cite your sources used for each of your answers in 1-4.