Asplund Corporation has provided the following information:
Required:a. For financial reporting purposes, what is the total amount of product costs incurred to make 5,000 units?b. For financial reporting purposes, what is the total amount of period costs incurred to sell 5,000 units?

Product Costs

Product costs are the costs directly associated with the production of goods, including direct materials, direct labor, and manufacturing overhead.

Period Costs

Expenses that are not directly tied to the production of goods, such as administrative and selling expenses, and are expensed in the period they are incurred.