A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $2,100 and is paid at the beginning of the first year. Sixty percent of the premium applies to manufacturing operations and forty percent applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage? 
Definitions:
PH
A scale used to specify the acidity or basicity of an aqueous solution, with values ranging from 0 (most acidic) to 14 (most basic).
Benedict's Test
A chemical test used to detect reducing sugars by turning a range of colors when heated with a sample.
Colorimetric Tests
Analytical techniques that determine the concentration of substances by measuring the intensity of color produced from chemical reactions.
Plant Pigments
Natural compounds produced by plants that absorb specific wavelengths of light and give plants their color.
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