Suppose that you have been given a summer job as an intern at issac aircams, a company that manufactures sophisticated spy cameras for remote-controlled military reconnaissance aircraft. the company, which is privately owned, has approached a bank for a loan to finance its growth. the bank requires financial statements before approving the loan. you have been asked to prepare the financial statements and were given the following list of costs: depreciation on salespersons cars. rent on equipment used in the factorylubricants used for machine maintenancesalaries of personnel who work in the finished goods warehousesoap and paper towels used by factory workers at the end of a shift. factory supervisors salariesheat, water, and power consumed in the factorymaterials used for boxing products for shipment overseas. (unites are not normally boxed)advertising costworkers compensation insurance for factory employeesdepreciation on chairs and tables in the factory lunchroomthe wages of the receptionist in the administrative officescost of leasing the corporate jet used by the company’s executivesthe cost of renting rooms at a florida resort for the annual sales conferencethe cost of packaging the company’s product. required: classify the above cost as either product cost or period costs for the purpose of preparing the financial statements for the bank.