A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $2,700 and is paid at the beginning of the first year. Eighty percent of the premium applies to manufacturing operations and 20% applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage? 
Definitions:
Secretary-Treasurer
A combined executive role in organizations, responsible for both the secretarial duties and the financial management of the entity.
Negotiate Contracts
The process of discussing the terms of a contract between two or more parties to reach a mutual agreement.
Union Instrumentality
The perceived effectiveness of a labor union in achieving desired outcomes or goals for its members.
Employee's Decision
Choices or judgments made by an employee regarding their career path, job responsibilities, or workplace situations.
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