(Solved): 1. Differentiate between product costs and period costs. Discuss. Elaborate. Give examples of each. ...

1. Differentiate between product costs and period costs. Discuss. Elaborate. Give examples of each. Define variable cost and fixed cost. Discuss the behavior of each. Give an example of each. 2. Given the following data for Taylor Coffee Shop, use the high- low method to determine the variable cost per unit (cup of coffee), total fixed costs, and the estimated total cost formula or total cost equation. Show work.