p r t Lawlor, Inc. is the manufacturer of lawn care equipment The company incurs the following costs while manufacturing weed trimmers Click the icon to view the costs.) Requirement Descrbe the difference between period costs and product cost 2. Classify Lawlor's costs as period costs or product costs. If the costs are product costs, further classity as direct materials, direct la or, or manufacturing overthead Requirement 1. Describe the difference between period costs and product costs. 7 are operating costs that are expensed in the accounting perlod in which they are incurresd | are all costs of a product that requires companies to treat as an asset for external financial reporting. These costs are recorded as an asset (inventory) on the balance sheet unti the asset is sold The cost is then transferred to an expense account ( On the income statement, Requirement 2. Classify Lawlor's costs as period costs or product costs If the costs are product costs further classity as direct matertials, direct labor, or manufacturing overhead Shaft and handle of weed trimmer Motor of weed trimmer V) on the income statement is subtracted from to determine gross profit The are then subtracted to determine operating income Click to select your answer(s) Lawlor, Inc. is the (Click the icon to view the costs.) Requirement 1. Describe the difference between period costs and product costs. 2. Classify Lawlor's costs as period costs or product costs. If the costs are product costs, further classify as direct materials, direct labor, or manufacturing overhead Requirement 2. Classify Lawlor's costs as period costs or product costs. If the costs are product costs, further classify as direct materials, direct labor, or manufacturing overhead manufacturer of lawn care equipment. The company incurs the following costs while manufacturing weed trimmers: Shaft and handle of weed trimmer Motor of weed trimmer Factory labor for workers assembling weed trimmers Nylon thread used by the weed trimmer (not traced to the product) Glue to hold housing together Plant janitorial wages Depreciation on factory equipment Rent on plant Click to select your answer(s). Lawlor, Inc. is the manufacturer of lawn (Click the icon to view the costs.) Requirement 1. Describe the difference between period costs and product costs. 2. Classify Lawlor's costs as period costs or product costs. If the costs are product costs, further classify as direct materials, direct labor, or manufacturing overhead Nylon thread used by the weed trimmer (not traced to the product) Glue to hold housing together care equipment. The company incurs the following costs while manufacturing weed trimmers: Plant janitorial wages Depreciation on factory equipment Rent on plant Sales commissions Administrative salaries Plant utilities Shipping costs to deliver finished weed trimmers to customers Click to select your answer(s)