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Classify each of the following costs as product costs or period costs Indicate whether each product cost is a direct materials cost, a direct labor
Classify each of the following costs as product costs or period costs Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense: Costs Classification a. Cost of fabric used by clothing manufacturer b. Maintenance and repair costs for factory equipment c. Rent for a warehouse used to store work in process and finished products d. Wages of production quality control personnel e. Oil lubricants for factory plant and equipment f. Depreciation of robot used to assemble a product g. Travel costs of marketing executives to annual sales meeting h. Depreciation of copying machines used by the Marketing Department i. Fees charged by collection agency on past-due customer accounts j. Electricity used to operate factory machinery k. Maintenance costs for factory equipment I. Pens, paper, and other supplies used by the Accounting Department in preparing various managerial reports m. Charitable contribution to United Fund n. Depreciation of microcomputers in the factory to coordinate and monitor the production schedules used o. Fees paid to lawn service for office grounds upkeep p. Cost of sewing machine needles used by a shirt manufacturer q. cost of plastic for a telephone being manufactured
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