Cost Classification Loring Company incurred the following costs last year Costs Amounts Direct materials $211,000 Factory rent 21,000 Direct labor 120,000 Factory utilities 6,300 Supervision in the factory 55,000 Indirect labor in the factory 38,000 Depreciation on factory equipment 8,500 Sales commissions 33,000 Sales salaries 72,000 Advertising 35,000 Depreciation on the headquarters building 10,200 Salary of the corporate receptionist 27,000 Other administrative costs 183,000 Salary of the factory receptionist 29,000 Required 1 Classify each of the costs using the table provided Be sure to total the amounts in each column If an amount box does not require an entry, leave it blank Direct materials is shown as an example Loring Company Costs Product Cost Direct Materials Product Cost Direct Labor Product Cost Manufacturing Overhead Period Cost Selling Expense Period Cost Administrative Expense Direct materials $211,000 $ $ $ $ Factory rent Direct labor Factory utilities Supervision in the factory Indirect labor in the factory Depreciation on factory equipment Sales commissions Sales salaries Advertising Depreciation on the headquarters building Salary of the corporate receptionist Other administrative costs Salary of the factory receptionist Total $ $ $ $ $ Feedback 2 What was the total product cost for last year The total product cost is $ 3 What was the total period cost for last year The total period cost is $ 4 If 30,000 units were produced last year, what was the unit product cost Round your answer to two decimal places The total unit product cost is $

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Posted on Jul 12, 2024

Cost Classification Loring Company incurred the following costs last year: Costs Amounts Direct materials $211,000 Factory rent 21,000 Direct labor 120,000 Factory utilities 6,300 Supervision

Cost Classification

Loring Company incurred the following costs last year:

Costs	Amounts
Direct materials	$211,000
Factory rent	21,000
Direct labor	120,000
Factory utilities	6,300
Supervision in the factory	55,000
Indirect labor in the factory	38,000
Depreciation on factory equipment	8,500
Sales commissions	33,000
Sales salaries	72,000
Advertising	35,000
Depreciation on the headquarters building	10,200
Salary of the corporate receptionist	27,000
Other administrative costs	183,000
Salary of the factory receptionist	29,000

Required:

1. Classify each of the costs using the table provided. Be sure to total the amounts in each column. If an amount box does not require an entry, leave it blank. Direct materials is shown as an example.

Loring Company
Costs	Product Cost: Direct Materials	Product Cost: Direct Labor	Product Cost: Manufacturing Overhead	Period Cost: Selling Expense	Period Cost: Administrative Expense
Direct materials	$211,000	$	$	$	$
Factory rent
Direct labor
Factory utilities
Supervision in the factory
Indirect labor in the factory
Depreciation on factory equipment
Sales commissions
Sales salaries
Advertising
Depreciation on the headquarters building
Salary of the corporate receptionist
Other administrative costs
Salary of the factory receptionist
Total	$	$	$	$	$

Feedback

2. What was the total product cost for last year? The total product cost is $.

3. What was the total period cost for last year? The total period cost is $.

4. If 30,000 units were produced last year, what was the unit product cost? Round your answer to two decimal places. The total unit product cost is $.