Required 1. Classify each cost and its amount as either product or period. The first cost is completed as an example. 2. Compute the average manufacturing cost per drum set. The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company Problem 14-2A Classifying costs C2 Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials Maintenance expense-Factory equipment Factory tiles $ 28,750 7.250 8.600 49.325 925,000 35,400 33,000 Direct labor Indirect labor Office salaries expense Rent expense-Office Space Rent expense-Selling space Rent expense--Factory building.... Sales salaries expense... 5675,480 159.475 63.000 22,000 26,100 76.800 392.560 Required Identify each costas cither a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost. classify it as a selling expense or a general and adminis. trative expense. Using the data from Problem 14-2A and the following additional information for Leone Company. Problem 14-3A complete the requirements below, Schedule of cost of goods manufactured and income Raw materials inventory beginning $ 166,850 Work in process inventory, ending $ 19,380 statement Raw materials inventory ending 182.000 Finished goods inventory beginning 167,350 P1 P2 Work in process inventory beginning 15,700 Finished goods inventory ending 136,490