Exercise 2-39 Cost Classification Loring Company incurred the following costs last year: OBJECTIVE $ 65,000 37,000 Direct materials Factory rent Direct labor Factory utilities Supervision in the factory Indirect labor in the factory Depreciation on factory equipment Sales commissions $ 216,000 24,000 120,000 6,300 50,000 30,000 9,000 27,000 Sales salaries Advertising Depreciation on the headquarters building Salary of the corporate receptionist Other administrative costs Salary of the factory receptionist 10,000 30,000 175,000 28,000 Required: 1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, $216,000. Product Cost Direct Manufacturing Labor Overhead Direct Materials $216,000 Period Cost Selling Administrative Expense Expense Costs Direct materials