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Loring Company incurred the following costs last year: Costs Amounts Direct materials $211,000 Factory rent 20,000 Direct labor 125,000 Factory utilities 6,800 Supervision in the

Loring Company incurred the following costs last year: Costs Amounts Direct materials $211,000 Factory rent 20,000 Direct labor 125,000 Factory utilities 6,800 Supervision in the factory 47,000 Indirect labor in the factory 34,000 Depreciation on factory equipment 7,900 Sales commissions 29,000 Sales salaries 70,000 Advertising 34,000 Depreciation on the headquarters building 9,400 Salary of the corporate receptionist 27,000 Other administrative costs 160,000 Salary of the factory receptionist 26,000 Required: 1. Classify each of the costs using the table provided. Be sure to total the amounts in each column. 2. What was the total product cost for last year? 3. What was the total period cost for last year? 4. If 30,000 units were produced last year, what was the unit product cost?

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

1

Costs

Product Cost: Direct Materials

Product Cost: Direct Labor

Product Cost: Manufacturing Overhead

Period Cost: Selling Expense

Period Cost: Administrative Expense

2

Direct materials

$211,000.00

3

Factory rent

4

Direct labor

5

Factory utilities

6

Supervision in the factory

7

Indirect labor in the factory

8

Depreciation on factory equipment

9

Sales commissions

10

Sales salaries

11

Advertising

12

Depreciation on the headquarters building

13

Salary of the corporate receptionist

14

Other administrative costs

15

Salary of the factory receptionist

16

Total

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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