Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required Information [ The following information applies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted trial balance
Required Information [ The following information applies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 63, 089 Depreciation expense-Office equipment 42, 089 Depreciation expense-Selling equipment 43, 980 Depreciation expense-Factory equipment 85, 089 law materials purchases (all direct materials) 950, 089 Maintenance expense-Factory equipment 46, 589 Factory utilities 49 , 089 Direct labor 540, 080 Indirect labor 81, 909 Office salaries expense 49, 089 Rent expense-Office space 29, 089 Rent expense-Selling space 70, 080 Rent expense-Factory building 168, 080 Sales salaries expense 403, 080 Required: Identify each cost as either 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 administrative expense. (Leave no cell blank. Enter "NA - Not a product cost" or "NA - Not a perlod cost" for expenses that are not product cost or perlod cost.) Costs Type of Product Cost Type of Period Cost 1. Advertising expense 2. Depreciation expense-Office equipment 3. Depreciation expense-Selling equipment 4. Depreciation expense-Factory equipment 5. Raw materials purchases (all direct materials) 6. Maintenance expense-Factory equipment 7. Factory utilities 8. Direct labor @. Indirect labor 10. Office salaries expense 11. Rent expense-Office space 12. Rent expense-Selling space 13. Rent expense-Factory building 14. Sales salaries expense
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started