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Q1) What is the difference between the product cost and period cost? Give some examples for each type Q2

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Q1) What is the difference between the product cost and period cost? Give some examples for each type Q2. What do you understand by utilization rate? Give an example Q3. The AMS Manufacturing Company uses a job costing system with machine hours as the allocation base for overhead. The company uses normal costing to develop the overhead allocation rate. The following data are available for the latest accounting period: Estimated fixed factory overhead cost Estimated machine-hours SAR 160,000 100,000 Actual fixed factory overhead cost incurred Actual machine-hours used SAR 170,000 110,000 Jobs worked on: Job No. Machine Hours Used 1020 12,000 1030 18,000 1040 15,000 1050 10,000 a. Compute the overhead allocation rate b. Determine the overhead allocated to job 1040. c. Determine total over or underapplied overhead at the end of the year