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:
Valid
A term indicating that an argument or statement logically follows from the given premises.
Argument
A set of statements or propositions, where some serve as premises and one as the conclusion, intended to demonstrate the truth of the conclusion.
Implicit Propositions
Propositions that are not directly stated but implied within an argument or statement.
Syllogisms
Syllogisms are a form of deductive reasoning consisting of a major premise, a minor premise, and a conclusion, where the conclusion logically follows from the two premises.
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