Question - A review of accounting records for last year disclosed the following selected information:
Variable costs:
Direct materials used 48,000
Direct labor 165,000
Manufacturing overhead 95,000
Selling costs 86,000
Fixed costs:
Manufacturing overhead 250,000
Selling costs 100,000
Administrative costs 223,000
In addition, the company suffered a $15,200 uninsured factory fire loss during the year. What were the product costs and period costs for last year?