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:
Gather Information
The process of collecting data and insights from various sources to understand a topic, problem, or situation better.
Approach Prospect
The strategy or method employed by sales and marketing professionals to engage potential customers and initiate the sales process.
Suggestive Selling
A sales technique where the seller offers additional products or services to the customer, often based on their initial purchase.
Cold Canvassing
The technique of directly approaching individuals or businesses, without prior contact, to sell goods or services.
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