Cost Classification Loring Company incurred the following costs last year: Costs Amounts Direct materials $216,000 Factory rent 24,000 Direct labor 120,000 Factory utilities 6,300 50,000 Supervision in the factory Indirect labor in the factory Depreciation on factory equipment 30,000 9,000 Sales commissions A 27,000 Sales salaries 65,000 Advertising Depreciation on the headquarters building 37.000 10,000 Salary of the corporate receptionist 30,000 Other administrative costs Salary of the factory receptionist 175,000 28,000 Required: 1. Classify each of the costs using the table provided. Be sure to total the amounts in each column. If an Costs Product Cost: Direct Materials Loring Company Product Cost: Pr Direct Labor Manufac Direct matenals $216,000 Factory rent Direct labor Factory utilities Supervision in the factory Indirect labor in the factory CheckMy Work buch Show Me How Salary of the fictory receptionist 28,000 Required: 1. Cleach of the costs using the table wided. Be wure to to the mounts in each column. If an amount box does not requirementry leave blank Direct materials shown as an example Loring Company Product Cost: Product Costi Product Cost: Period Cost: Period Cost: Costs Direct Materials Direct Labor Manufacturing Overhead Selling Expense Administrative Expense Direct material $216.000 Factory Det her