Buford Is Interested in Raising Money for Charity by Opening

Essay

Buford is interested in raising money for charity by opening his own custom lemonade shop. Instead of buying the lemonade premixed, he plans to make his lemonade from scratch in the shop. He has questions about the reporting of the following costs and expenses, as to whether they are product costs or period costs so that he can properly identify the costs to make one eight-ounce cup of lemonade and then, properly price the cup of lemonade to make a profit. Identify each of the costs as either a "product" cost or a "period" cost to help Buford.